The Government today unveiled the tenth edition of oil and gas blocks auction.
However, no clarity was available on what will be the fiscal regime — revenue sharing model — the contractors will be offered.
Proposal is to offer 46 blocks in this round, but this number could increase to 60-65, the Petroleum and Natural Gas Minister, M. Veerappa Moily, said.
All necessary approvals have been taken for these 46 blocks and more could be added when actual auctions happen, he said. Of these blocks on offer, 17 are onland. 15 shallow water, 14 deepwater blocks. These blocks are spread across the country in Gujarat-Kutch, Kerala Konkan, Cauvery, Krishna-Godavari, Deccan Syneclise.
Fiscal regime
As regards fiscal regime, the Minister said that under consideration is the proposal of C Rangarajan Panel — production-linked revenue sharing concept. However, the Goverment will also take a view on the Vijay Kelkar Committee suggestion. Kelkar panel has said that the existing mechanism — >cost recovery model — is right.
Moily is confident of reaching a decision on fiscal regime shortly.