India to begin 10th tender for oil and gas development sites

The General Hydrocarbons Authority of India (DGH) announced that the 10th tender round for oil and gas mining areas will begin in August or September. The latest bid round is expected to include 25 mining areas across 13 sedimentary basins, which are essential for exploration and production activities. The mining areas offered span a wide range of areas, from land-based mining areas spanning 16,871 square kilometers, to shallow-sea mining areas, and even 12,373 square kilometers of ultra-deep sea mining areas.

The move is aimed at attracting significant investment and boosting domestic oil and gas production.

In the previous 9th round of bidding based on the hydrocarbon exploration and licensing policy (HELP), the government extended the deadline several times in order to provide more detailed data so that companies can make decisions based on sufficient information. The reason why the response from foreign companies was weak was because there were concerns about compensation and compensation issues, and India is working on this issue.

The 9th round of bidding, which targets 28 oil and gas mining districts, was initially scheduled to close on 2/29, but it was extended until 5/15. India then extended it until July 15. And now, it has been extended until 8/31.

The Indian government is also working to reduce approval times to enhance domestic production and reduce dependence on imports.

For India, which is the world's second-largest oil importer, foreign investment in oil and gas industry development is extremely important. According to the IEA, India will be the biggest cause of increase in oil demand in the world from now to 2030. Currently, India imports 4.6 million b/d.