The Union Government would start auctioning over 100 prospective areas for oil and gas exploration fields through an international bidding. The new fields would be allotted as per the eighth round of New Exploration Licensing Policy (Nelp-VIII) by the end of March 2009.
 
Petroleum and Natural Gas Minister, Murli Deora said that the government is committed to provide energy security to the country by achieving self-dependency in the oil field exploration program. The recent discoveries of potential oil fields in Rajasthan have encouraged the government to put extra efforts in the energy security segment.
 
He added, "It would be our endeavor to launch Nelp-VIII in the first quarter of 2009. Efforts under Nelp have resulted in 68 discoveries of oil and gas in 19 blocks, establishing 'in place reserves' of 500 million tonnes of oil and oil equivalent of gas." Mr. Deora was speaking at the production sharing contract (PSC) signing ceremony for 44 oil and gas exploration blocks under the Nelp-VII.

Government has already started discussions with the stakeholders on bidding issue of oil and gas exploration blocks and coal bed methane (CBM) assets. It had agreed to spend $8.3 billion under Nelp, out of which about $4.5 billion has already been spent.  

Director General of hydrocarbons (DGH), V K Sibal said, "Nelp-VII was our largest round so far with 150,000 sq km of area offered. Nelp-VIII would be even larger."