India has an estimated sedimentary area of 3.14 million km2 consisting of 26 sedimentary basins, of which, 57% (1.79 million km2.) area is in deepwater and remaining 43% (1.35 million km2.) area is in onland and shallow offshore. The upstream oil business has been India’s Achilles heel in the sense that the success levels have by and large been below par. The KG find gave an impression that this would change but by and by, that dream has also proved to be a chimera. Now the government has changed its stance and opted for Open
Acreage licensing policy or OALP to replace the NELP system followed earlier.
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