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India plans to auction some oil exploration blocks by June and will allow bidders to carve out areas where they want to drill in order to attract greater interest, a government official told Reuters on Wednesday. The move is part of a drive by New Delhi to quickly generate income from its oil and gas reserves. India overhauled its exploration licensing last year with a shift to a revenue sharing model, while also allowing pricing and marketing freedom to the operators.
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India plans to auction some oil exploration blocks by June and will allow bidders to carve out areas where they want to drill in order to attract greater interest, a government official told Reuters on Wednesday. The move is part of a drive by New Delhi to quickly generate income from its oil and gas reserves. India overhauled its exploration licensing last year with a shift to a revenue sharing model, while also allowing pricing and marketing freedom to the operators.
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