Equity Tips, Oil-starved India to auction exploration rights by June - source

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India plans to auction some oil exploration blocks by June and will allow bidders to carve out areas where they want to drill in order to attract greater interest, a government official told Reuters on Wednesday. The move is part of a drive to New Delhi to quickly generate income from its oil and gas reserves. India overhauled its exploration licensing last year with a shift to a revenue-sharing model, while also allowing pricing and marketing freedom to the operators. The planned auction will be India's first major exploration licensing round since 2010, although the energy-starved nation recently awarded 31 small fields to mainly local firms. The world's third-biggest oil and gas consumer imports nearly three-quarters of its energy requirements, but Prime Minister Narendra Modi has set a target of cutting its fuel import dependency to two-thirds by 2022 and to half by 2030.