India has announced an Open Acreage Licensing Policy (OALP) for conducting oil and gas exploration in India.
The new OALP policy will allow the bidder to select the exploration areas on their own and carve out areas where they want to drill. This will allow pricing and marketing freedom to operators and shifts to a revenue sharing model.
The auction of oil and gas blocks under the Open Acreage Licensing Policy (OALP) will be conducted twice a year with the first round being held in July 2017.
What can be the possible questions from above news:
Q1. Name the Policy, which has been announced by India to boost oil output across the country, recently.
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Source- The Hindu