New Delhi, Nov. 6 -- The government is introducing a special licensing round for deepwater and ultra-deepwater oil and gas blocks, offering monthly bidding windows and relaxed financial terms to encourage offshore exploration. Under its Rs 84,084-crore Samudra Manthan programme, the Centre will cover up to 50 percent of eligible exploratory drilling costs to reduce investment risks.

The Directorate General of Hydrocarbons (DGH) said the special round under the Open Acreage Licensing Policy (OALP) would enable faster allocation of offshore blocks. Details of the bidding round will be announced shortly as reported by The Business Standards.

Monthly Bidding and Revised Evaluation Criteria

A 21-day Expression of Interest (EoI) window will ...