The government's ambitious plan to attract investment into deepwater oil and gas exploration is yet to generate a strong response from investors, with the Centre extending bidding deadlines for two rounds of exploration blocks once again.
The Directorate General of Hydrocarbons (DGH) has extended the bidding deadline for the Open Acreage Licensing Policy (OALP) rounds X and XI to December 10, giving prospective investors more time to evaluate the blocks and the incentives on offer.
The latest extension marks the seventh time the deadline for OALP-X has been pushed back, while OALP-XI has received its third extension. The repeated postponements come despite the government's announcement of a substantial financial support package aimed at reducing the cost and risks associated with offshore exploration.
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In July, the Cabinet approved incentives worth Rs 84,084 crore under the Samudra Manthan scheme to encourage exploration in India's deepwater and ultra-deepwater regions.
(This is a developing story)
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