Govt to launch oil block auctions in FY11 - official

MUMBAI Thu May 20, 2010 12:39pm IST

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MUMBAI (Reuters) – The government is likely to launch the next round of auctions for oil and gas block exploration in the current financial year ending March 2011, a senior government official said on Thursday.

The government has a new exploration licensing policy in place to facilitate exploration of oil and gas resources.

"We have already initiated the process. Typically it takes four to six months to launch the auction," said R.K. Sinha, production adviser to the Directorate-General of Hydrocarbons.

India has so far completed eight rounds of auctions for oil and gas exploration.

(Reporting by Prashant Mehra; Editing by Surojit Gupta)

(For more business news on Reuters Money visit www.reutersmoney.in)

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