India Launches Auction for Three Coal Bed Methane Blocks to Boost Domestic Energy

India has launched an auction for three coal bed methane (CBM) blocks and 55 small discovered fields in a bid to increase domestic production and exploration. The auction, as declared by Pallavi Jain Govil, Director General of Hydrocarbons, includes two CBM blocks in West Bengal and one in Gujarat....

India has launched an auction for three coal bed methane (CBM) blocks and 55 small discovered fields in a bid to increase domestic production and exploration. The auction, as declared by Pallavi Jain Govil, Director General of Hydrocarbons, includes two CBM blocks in West Bengal and one in Gujarat. India's initiative is part of the country's overall strategy to reduce its heavy reliance on oil imports, which now provide over 80% of the nation's requirements. Besides the auction, India also signed deals for certain oil and gas blocks in a previous round of licensing, which saw giants like ONGC, Oil India, Vedanta, and Hindustan Oil Exploration Company gaining new rights to explore. The push from the government for CBM development will be channeled towards enhancing domestic energy output and fueling industrial growth, especially in sectors like fertilizers and urban gas distribution. Source: Reuters