NELP-VIII to be re-launched |
By e4p Correspondent, Wednesday, July 08, 2009, 16:33 Hrs [IST] |  |
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Category: Coal, Lignite, Coke | Tags: NELP VIII re launched, Pranab Mukherjee Minister Finance, natural gas | Share:  |
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The Union Government is expected to re-launch the auction of oil and gas blocks, but the last date of bidding ie 10 August, is likely to be extended.
Promotional roadshows for 70 blocks offered for bidding under the eighth edition of New Exploration Licensing Policy (NELP) and 10 coal bed methane areas were to begin on 20 April but the programme has been deferred on over ambiguity on availability of tax holidays for natural gas.
Pranab Mukherjee, the Union Minister for Finance, had in his Budget for 2009-10 stated that seven years holiday from payment of income tax on profits earned from production and sale of natural gas will be available for blocks to be awarded in NELP-VIII.
India had offered 24 deep-sea blocks, 28 shallow water blocks and 18 onland blocks for bidding in NELP-VIII, hoping to attract $3 billion (approx Rs 14,400 crore) investment in exploration.
Source : ProjectsToday
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