MUMBAI, Feb. 13 -- The Indian government will offer 25 oil and gas blocks in the third round of the New Exploration and Licensing Policy (NELP-III) before the fiscal year ends Mar. 31.
"We have already awarded 47 blocks under the first two rounds of the policy and we are ready to come out with a fresh lot of blocks for bidding in the third round," Petroleum Minister Ram Naik said at an oil industry meeting in New Delhi.
Although the blocks were not identified, the ministry indicated several deepwater blocks off the eastern coast would be offered.
Naik said India imports 70% of its crude requirements and last year spent more than 800 billion rupees ($16.5 billion) on imported oil.
He predicted that India would be use 17 million tonnes/year by 2006-07 and more than 360 tonnes/year by 2024-25. It will need 390 million cu m/day (MMcmd) of gas by 2024-25, up from today's 120 MMcmd.
