India has attracted an investment of over $ 36 billion from the nine NELP bid tours held before 2014, and has so far discovered 177 oils and gas. This information was given in a report prepared by the Ministry of Petroleum. Under the new investigation licensing policy (NELP), blocks promised maximum discovery were provided blocks, so that they were discovered before sharing benefits with the government and allowing them to recover investment from the oil and gas produced.
In the year 2016, it was replaced by the Revenue-sharing model, where blocks are given to companies that provide the government the most of the production. Between 1999 and 2010, 254 blocks, given in the nine dialect rounds of NELP, attracted an investment of $ 17.6 billion in investigation, resulting in 67 oil and 110 gas discoveries. Some of them invested $ 18.64 billion in the development of discoveries.
The report stated that 144 blocks in eight large rounds of free sector licensing policy (OALP) from 2018 to 2022 invested $ 1.37 billion in exploration, which led to six oil search and four gas discovery. Reliance Industries and its partner BP PLC’s eastern offshore KG-D6 blocks, which produces one-third of all natural gas produced in the country, as well as the public sector company Oil and Natural Gas Corporation (ONGC) chief KG-DWN-98/2 (KG-D5) Block was requested in NELP.
The interim report of the Joint Working Group set up by the Ministry on issues related to business ease of business in the Indian upstream region states that NELP has helped to increase the region under investigation and draw private and foreign investment in India’s investigation and production (E&P) sector.
(With agency input)
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First Published – April 20, 2025 | 4:56 PM IST
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