10th round of oil and gas block auction in January.

India may launch its largest ever auction of oil and gas block next month at completely revamped terms after the current profit-sharing regime came in for sharp criticism from CAG.

As many as 86 blocks or areas may be offered for exploration of oil and gas in the 10th round of New Exploration Licensing Policy (NELP) around mid-January.

NELP-X will be held on new terms wherein a bidder will be asked to quote the amount of oil or gas output it is willing to offer to the government from the first day of production, Oil Secretary Vivek Rae said.

ET