India awards 16 exploration blocks

Students wave Indian national flags, as another runs past holding a flag, during India's 58th Republic Day celebrations in Bangalore, India, Friday, Jan. 26, 2007. Millions of people watched parades of Indian military and cultural pomp with security forces on high alert from restive Kashmir in the north to Assam in the northeast to prevent militant attacks during national celebrations. (AP Photo/Aijaz Rahi)

India round: 16 blocks awarded

AFP PHOTO/AIJAZ RAHI

By News wires

 23 March 2012 19:04 GMT

India's cabinet on Friday approved the award of 16 oil and gas blocks, less than half of those offered under its ninth exploration licensing round, a government statement said.

Bids were received for 33 of 34 blocks -- eight are deep-water, seven shallow water and 19 onshore -- offered under an auction in March 2011, Reuters reported.

The statement did not name the successful companies. Previous licensing rounds were dominated by Indian state-run firms.

The cabinet rejected bids for 14 blocks, including one by Essar Oil for an onshore block, the statement said, without providing information for the remaining three blocks it received bids for.

It cancelled the award to local firms of two blocks, offered under the eighth round.

Asia's third-largest economy needs private capital for exploration, and is…

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