India on Sunday launched the third bidding round under its open acreage licensing policy (OALP), according to a government statement • Twenty three blocks covering an area of 32,000 square kilometers were offered for bidding, out of which 5 are for extraction of coal bed methane • Total exploration acreage is expected to more than triple to 300,000 square kilometres in two years ending 2019, the statement read • The third round of bidding is expected to generate up to $700 million, the government said • Prime Minister Narendra Modi has set a target to cut India’s dependence on foreign oil to 67 percent by 2022 • ... (full story)