The Indian Government plans to finalise new policy for the auction of oil and gas blocks.
The country’s Oil Minister Dharmendra Pradhan said suggestions for the new fiscal and contractual agreements will be prepared for the financial year ahead.
A paper has been issued for the award of acreages as the country looks to create interest amongst investors in the exploration and production sector.
Some of the proposals include introducing a revenue-sharing model with operators which would replace the current profit sharing mechanism.
Other plans also include creating an overarching licensing policy which would allow operators to explore all forms of oil and gas resources.
Companies are expected to give their opinions on the plans by the end of this month.