With the country gearing up to allot blocks under its new round of oil and gas auctions, Prime Minister Narendra Modi is set to meet key global industry giants on Monday.
Modi is set to meet BP chief executive officer Bob Dudley, Saudi Aramco CEO Amin H Naseer, Rosneft chief Igor Sechin, Reliance Industries Chairman Mukesh Ambani, and Cairn India Chairman Anil Agarwal, among others, for a meeting. "It is completely coordinated by NITI Aayog and all major industry players will be present there," said an industry source.
This comes at a time when the ongoing Open Acreage Licencing Policy (OALP) rounds are set to attract further investments in the sector. India has 26 sedimentary basins stretched over 3.14 million sq km. Out of these, hydrocarbons are extracted only from seven basins.
During the new rounds, 2.7 million sq km will be on offer, comprising 1.5 million sq km of onshore and 1.2 million sq km of offshore areas. Under the new Hydrocarbon Exploration Licensing Policy (HELP), these blocks will be up for grabs on a revenue-sharing model, providing pricing and marketing freedom to operators.