Govt to launch first bidding round under deepwater mission soon

The government will soon launch the first bidding round for oil and gas blocks under the National Deepwater Exploration Mission as part of a larger strategy to boost domestic hydrocarbon output and cut costly fuel imports, state-owned explorer Oil and Natural Gas Corporation (ONGC) said on Friday.

- SUDHEER PAL SINGH

"Anchored on the 2025 Act's uniform, investor-friendly licence, the first deep-water bid round is expected soon," the company said in a post-annual general meeting (AGM) interaction, adding that the scope of geographical area covered under the "Samudra Manthan" initiative includes more than a million square kilometre in Andaman Nicobar, and ultra-deep KG and Cauvery basins.