India to auction 16 CBM blocks in latest round
India has offered 16 coalbed methane (CBM) blocks in the latest bid round, country’s upstream regulator Directorate General of Hydrocarbons (DGH) said on October 11.
DGH said the CBM blocks being offered in the special bid round are located in the states of Madhya Pradesh, Chhattisgarh, Telangana, Maharashtra, Odisha, Jharkhand and West Bengal. These blocks are being offered on a revenue share basis - bidders offering the highest share of revenue to the government would win the block.
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Simultaneously, 26 offshore oil and gas blocks are also being offered in a separate round under Open Acreage Licensing Policy (OALP). The OALP was launched in June 2017 and adopts all the features of the Hydrocarbon Exploration and Licensing Policy (HELP): reduced royalty rates; no oil cess (an extra tax); a uniform licensing system; marketing and pricing freedom; revenue-sharing model; and exploration rights on all retained area for the full contract life.
The 26 blocks cover approximately 223,000 km2. Out of 26 Blocks, 15 are in ultra deep-water, eight are in shallow water and three are on land. DGH is calling the latest round OALP bid round-IX under HELP.
DGH did not provide any information about the timelines for bidding.