INSUBCONTINENT EXCLUSIVE:
launched the third bidding round under its open acreage licensing policy (OALP), according to a statement.Twenty three blocks covering an
area of 32,000 square kilometers were offered for bidding, out of which 5 are for extraction of coal bed methane.Total exploration acreage
is expected to more than triple to 300,000 square kilometres in two years ending 2019, the statement read.The third round of bidding is
expected to generate up to $700 million, the government said.Prime Minister Narendra Modi has set a target to cut the country's dependence
on foreign oil to 67 per cent by 2022.Under the target, India wants to quickly monetise its hydrocarbon reserves and bring in foreign
participation to explore and produce from them.India has failed to draw interest from global oil majors in licensing rounds since 1990 even
though the fiscal terms were eased.The country is so far producing only from seven sedimentary basins out of the 26 that it has discovered.
