July 16, 2019 / 2:20 PM / 4 months ago

India seeks more than $1 billion investment with new oil block auction: minister

India's Oil Minister Dharmendra Pradhan speaks at a road show organised by the Directorate General of Hydrocarbon (DGH) in Mumbai, India, October 26, 2017. REUTERS/Shailesh Andrade/File Photo

NEW DELHI (Reuters) - India hopes to attract more than $1 billion of investment in exploration and production blocks awarded to companies on Tuesday under new rules for auctions of oil and gas fields, oil minister Dharmendra Pradhan said.

India awarded 32 blocks in the latest two exploration licensing rounds called the open acreage licensing policy (OALP), which allows companies to carve out any area they want to drill.

State-owned Oil India Ltd bagged 12 blocks followed by private resources major Vedanta Ltd with 10. A consortium of Reliance Industries Ltd and BP Plc got one.

Reporting by Nidhi Verma; Editing by Mark Potter

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