Oil & gas block auction policy to be ready by FY16: Dharmendra Pradhan

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New delhi, November 17: Government expects to finalise the new policy for auction of oil and gas blocks during the ongoing financial year, Oil Minister Dharmendra Pradhan said,

"We will make the policy after considering all the views and take it to the Cabinet. It will be our endeavour to make the policy during this financial year only.We have brought this consultation paper and suggestions will come in by November 30" Pradhan said reporters on the sidelines of Bio-Energy Summit 2015 organised by CII here.

On Monday, Oil Ministry had issued a paper on new fiscal and contractual regime for award of hydrocarbon acreages with a view to revive investor interest in oil and gas exploration by simplifying rules.

On LPG gas subsidy to households, Pradhan said: "There should be a public discourse on the issue whether LPG subsidy should be given to higher income groups. We will take a decision on this."

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