the country’s long term growth. Of the 26 sedimentary basins identified in India, so far, only 20% of the total area has been well explored. The remaining areas need to be extensively explored with the best of technologies, with special emphasis on the frontier basins. With the introduction of the New Exploration Licensing Policy (NELP), the introduction of much-needed capital and state-of-the-art technology to explore the sector could be made possible. With the policies and regulations being some of the most transparent in the world, the NELP has revived a healthy spirit of competition between National Oil Companies and private and multinational companies. The development of the exploration sector has been significantly boosted through this policy, which brought major liberalization in the sector and created pathways for private and foreign investment, where 100% Foreign Direct Investment (FDI) is allowed. Under NELP, which became effective in February 1999, the process of competitive bidding is followed wherein acreages are offered to the participating companies. By mid-2012, the ninth round of bidding has been concluded along with fourth round for Coal Bed Methane (CBM) blocks. The Government of India offered the highest ever number of 70 oil & gas exploration blocks covering an area of about 1,63,535 km². and also making a parallel offer of 10 blocks under the fourth round of Coal Bed Methane Policy (CBM-IV) for exploration and production of Coal Bed Methane. The Government of India launched the Ninth round of offers for exploration acreages, NELP IX on 15 October 2010. NELP-I Under the First round of New Exploration Licensing Policy, bids were invited by the Government of India on 8 January 1999 for 48 blocks for exploration of oil and natural gas. Of these, 12 blocks were deepwater (beyond 400m isobath), 26 shallow offshore and 10 were onshore blocks. The PSC’s were signed for 24 exploration blocks comprising 7 deepwater, 16 shallow offshore and 1 onshore. At present, 11 exploration blocks are under operation and 13 blocks have been relinquished. NELP-II Under the second round of New Exploration Licensing Policy, bids were invited by the Government of India 15 December 2000 for 25 blocks for exploration of oil and natural gas. Of these, 8 blocks were deepwater (beyond 400m isobath), 8 shallow offshore and 9 were onland blocks. The PSC’s were signed for 23 exploration blocks comprising 8 deepwater, 8 shallow offshore and 7 onland. At present, 4 exploration