The government is offering a total of 70 oil and gas blocks under NELP-VIII and 10 blocks have been offered under CBM-IV.
GEECL is looking to bid for the fourth round of Coal Bed Methane block auction. It plans to dilute 10 percent of its equity holding through an IPO in India. It plans to raise Rs 400 crore from the market by this year. It plans to develop 100 wells in two years with an estimated investment of Rs 825 crore and aim to invest another Rs 2,000 crore in 5 to 8 years in West Bengal.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
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