The next round of auction of oil and gas blocks under the New Exploration licensing Policy (NElP) will be held by the end of 2015-16 fiscal, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday.
The minister also said that the government is mulling to introduce ‘open acreage’ system and also plans to change the formula for production sharing agreement. “In this financial year, only 10th round of auction will be held. We are talking to stakeholders.