New Delhi, Apr 9 : Petroleum Secretary R. S. Pandey on Thursday launched the eighth round of the New Exploration Licensing Policy (NELP), and said the offer would remain open for four months till August 10, 2009.

The Ministry has also thrown open 70 new blocks for bids to the Indian and foreign companies for exploration of oil and natural gas.

"Out of 70 blocks, 24 are in deep water, 24 in shallow water and 18 on land. 10 blocks under Coal Bed Methane were also opened for bidding," Pandey told reporters here.

The government has ruled out any possibility of revision of oil and gas prices. Petroleum Secretary, R. S. Pandey said that the government is not working on any proposal to increase the prices of gas produced by Oil and Natural Gas Corporation and Oil India. 

However, he did not disclose about the note in which the union cabinet had decided, last year, to revise oil and gas prices on a nomination basis to Rs. 3.71 from the current Rs. 3.2 a cubic meter.