``We have received the clearance from the finance ministry with regard to the petroleum tax code (PTC) and we can notify the bids before December,'' Gangwar told newsmen after a book release ceremony.

``The finance ministry has agreed to various concessions to be offered to the private bidders under the NELP which includes tax holiday up to ten years,'' he said.

``We had planned to go for the road shows this month itself, but the delay in getting the clearance from finance ministry has forced us to go for it in january,+ gangwar said.

The road shows for the 48 blocks are proposed to be held in houston, singapore, london and perth.

Gangwar said, that the road shows would not take place in the month of december as it would be a festival season in the western countries.

Under the nelp, tax holidays up to 10years and 50 per cent concession for exploration in the deep water areas would be provided to the private bidders, petroleum ministry sources said.

Nelp would provide a level playing field as none of the blocks would be reserved exclusively for the national oil companies and there would no imposition of custom duty and cess on these blocks, the sources said.

The final approval of the ptc by the finance ministry has already been delayed by over one month, the sources said adding out of the 48 blocks to be offered under the nelp, 26 blocks are in offshore belts, 12 in deepwater offshore and the rest onshore.