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ETMarkets.comRepresentative image. New Delhi: The government has once again extended the deadline for bid submissions under the Xth oil and gas exploration licensing round, as it seeks greater participation from potential bidders.The Directorate General of Hydrocarbons (DGH)-the oil ministry's arm that conducts licensing rounds-has announced December 31 as the new deadline for the tenth round under the Open Acreage Licensing Policy (OALP), just days before the previous deadline of October 31.Launched on February 11, the round has faced multiple extensions after being rolled out prematurely to coincide with India Energy Week, the oil ministry's flagship annual industry event.Since the launch, the government has amended an old oilfield regulation law, framed new rules and drafted fresh model contract-a process that has taken months and kept potential bidders waiting to see the final shape of regulatory framework.The DGH has not provided a reason for the latest extension, though this could end up being one of the longest open licensing rounds ever. A total of 25 blocks, including 19 offshore, are on offer in this round.Live EventsIn all previous OALP rounds, foreign players have shown limited interest. The government is keen to attract them to India's exploration sector, given their access to capital and advanced technology.India is in desperate need of major discoveries, as its oil and gas output continues to decline, deepening its dependence on imports.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onOil and Gas Licensing RoundBidding Deadline ExtendedOpen Acreage Licensing PolicyOil and Gas ExplorationExploration Blocks AvailableIndia Oil and Gas SectorIndia Energy Week (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onOil and Gas Licensing RoundBidding Deadline ExtendedOpen Acreage Licensing PolicyOil and Gas ExplorationExploration Blocks AvailableIndia Oil and Gas SectorIndia Energy Week(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
