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Indian gov't to finalise new oil, gas block auction policy early next year

Xinhua, November 17, 2015 Adjust font size:

The Indian government Tuesday said it will finalise its new oil and gas block auction policy by the end of the current financial year.

"We have brought this consultation paper, and suggestions will come in by November 30. We will make the policy after considering all the views and take it to the Cabinet," Indian Oil Minister Dharmendra Pradhan told the media in the national capital.

He added: "It will be our endeavor to make the policy during this financial year only."

The minister's statement came a day after the Oil Ministry proposed free natural gas pricing and simpler revenue-sharing regime for all future field auctions to attract investors in exploration.

On crude oil price dipping below 40 U.S. dollars per barrel mark, the minister said: "We have to accept the changing geopolitical scenario of the world. Let's see how things are coming up. But this kind of price is certainly favorable for the Indian market."

India depends on import of natural gas to meet its energy needs. Imports accounted for 36 percent of the total natural gas consumption in India in the last financial year. Endit