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Auction of Oil and Gas Exploration Blocks: A Welcome Move toward Energy Security

India has opened its doors for oil and gas companies, auctioning its oil and gas exploration blocks. This is a welcome step as it will definitely improve country’s economy and help with its ever increasing oil demand, but for this to have a smooth roll Govt needs to ensure that there are no clearance issues or any other execution related issues.

With the arrangement between OPEC countries, global oil prices have increased and companies will benefit by investing in the current market scenario but given the past record of treaty violations by OPEC countries market scenario could change anytime