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India announces new licensing policy to increase oil output

India announces new licensing policy to increase oil output

Tuesday, March 7, 2017, 4:35 PM

Open Acreage Licensing Policy (OALP) for oil and gas exploration has been announced by India which allows bidders to carve out areas where they want to drill as the country looks at greater foreign investment to increase output. India will conduct auction of oil and gas blocks under the OALP twice a year. The first round will be held in July this year.
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