BANKING AFFAIRS

Detailed explanation-1: -It is the tenth round of the NELP, probably the last, as it may soon be replaced by Open Acreage Licensing Policy, which will permit companies to select the blocks they want to explore without waiting for the government to make an offer. The change this time is that NELP X offers an integrated approach to exploration.

Detailed explanation-2: -New Exploration Licensing Policy (NELP) was conceptualised by the Government of India, during 1997-98 to provide an equal platform to both Public and Private sector companies in exploration and production of hydrocarbons with Directorate General of Hydrocarbons (DGH) as a nodal agency for its implementation.

Detailed explanation-3: -4. New Exploration Licensing Policy (NELP)-1999 onwards : Under NELP, exploration. blocks were awarded to Indian Private and foreign companies through international. competitive bidding process where National Oil Companies viz, ONGC and OIL are also. competing on equal footing.

Detailed explanation-4: -New Exploration Licensing Policy (NELP) Government of India formulated a policy called New Exploration Licensing Policy in 1997.

Detailed explanation-5: -What distinguishes OALP from New Exploration and Licensing Policy (NELP) of 1997 is that under OALP, oil and gas acreages will be available round the year instead of cyclic bidding rounds as in NELP. Potential investors need not have to wait for the bidding rounds to claim acreages.