Largest Oil Exploration Tranche

In the largest ever tranche, India will offer 55 oil blocks, mostly offshore, covering 300000 square kilometers for exploration. From 1999, India has offered 90 such product-sharing contracts in 4 lots as part of its New Exploration Licensing Policy (NELP). As part of the country's effort to boost domestic production of oil, this offer includes deep exploration blocks off Krishna & Godavari basins and near the Andaman Islands. In the last 4 years, Private sector companies have made 32 significant hydrocarbon discoveries. India imports 76% of its oil requirements and its rapid economic growth has increased energy demands and consequently increasing the need for more oil.