28 Exploration blocks were awarded to private companies between 1980 and prior to implementation of NELP where ONGC and Oil have the rights for participation in the blocks after hydrocarbon discoveries. In 1993, GoI offered blocks for geophysical and other surveys to update the information on hydrocarbon potential of India’s unexplored sedimentary basins. Once the surveys on these blocks were completed, they were to be offered in subsequent rounds of exploration. The second speculative survey round was launched in 1994 and the third round in 1995. The third round was called as Joint Venture Speculative Survey Round (JVSSR) with a provision of risk participation/cost sharing by DGH up to 50 %.