India wants to unlock its vast hydrocarbon resources to cut dependence on foreign oilNew Delhi: India will start auctioning for 14 oil and gas blocks in its second exploration licensing round on Monday, giving freedom to the companies to carve out areas they want to drill. The blocks together hold undiscovered reserves of about 14,995 million tonnes of oil equivalent, according to a tweet from Directorate General of Hydrocarbon, India’s upstream regulator. India, the world’s third biggest oil importer, wants to unlock its vast hydrocarbon resources to cut dependence on foreign oil. India’s previous licensing rounds have been dominated by local firms. This story has been published from a wire agency feed without modifications to the text.

Source: Mint January 04, 2019 14:26 UTC