State-run Oil and Natural Gas Corporation (ONGC), Reliance Industries-BP consortium, Oil India, and Dilip Shanghvi’s Sun Petrochemicals Pvt. Ltd have won oil and gas exploration blocks in the eighth round of the Open Acreage Licensing Policy (OALP-VIII).
India had offered 10 blocks for bidding of which ONGC won seven, Oil India, Sun Petrochemicals, and a consortium of Reliance Industries Ltd and BP Plc got one area each. Contracts for the 10 blocks were signed on Wednesday.
“Estimated investments in awarded blocks for committed exploration work program is to the tune of $233 Million,” said a press statement from the Ministry of Petroleum and Natural Gas.
Five companies– ONGC, Vedanta Ltd, Oil India Ltd (OIL), Sun Petrochemicals Pvt Ltd, and Reliance-BP Exploration (Alpha) Ltd had put in 13 bids for the 10 blocks on offer.
The press statement added that steps are being taken to augment India’s E&P sector by increasing India’s exploration acreage to 0.5 million sq. km. by 2025 and 1.0 million sq. km. by 2030. Also, “No Go” areas in the exclusive economic zone (EEZ) have been reduced by almost 99%. 10 Lakh SKM area is now free in EEZ for E&P activity.
Also on offer were coal-bed methane (CBM) blocks under Special CBM Round (SCBM)-2022. Sixteen CBM blocks were offered for bidding which spread across 7 states covering an area of 5817 Sq. Km. A total of six bids were received for three 3 blocks with an area of 717 Sq. Km. These 3 blocks were awarded to two companies.
“Estimated investments in awarded blocks for committed exploration work program is to the tune of $7.4 Million,” the press statement added.
