Indian Oil Minister M Veerappa Moily announced June 4th the possibility of an oil and gas block auction this fiscal year, according to the Press Trust of India. Government officials said as many as 68 oil and gas exploration blocks may be up for grabs in the auction. If that is the case, it will be the second-highest offering of blocks since the country's 1999 auction.
"On completion of clearance process, exploration blocks are likely to be offered in 2013-14," Moily said while addressing a meeting of the Parliamentary Consultative Committee.
The country expects its natural gas production to decline by more than 300 million cubic feet per day in 2013 and 2014. According to the Press Trust of India, 73 billion barrels of oil and gas could be recovered through exploration with the possibility of an additional 133 billion barrels that can be unlocked through exploration.
The plans are part of the country's efforts to reduce its import dependency by 2030, according to the New York Daily News.