NEW DELHI: (Apr 20) India attracted over USD 36 billion investment from nine NELP bid rounds held before 2014, and has so far yielded 177 oil and gas discoveries, according to a report commissioned by the Petroleum Ministry.
Under the New Exploration Licensing Policy (NELP), blocks were awarded to bidders promising maximum exploration, allowing them to recover investments from oil and gas they discover and produce before sharing profits with the government.
In 2016, this was replaced by a revenue-sharing model, where blocks go to firms offering the highest share of output to the government. PTI
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