The Indian government has offered 11 oil and gas blocks for exploration in the fifth bid of OLAP
ONGC wins seven oil blocks. (Credit: C Morrison from Pixabay)
State-owned Oil and Natural Gas (ONGC) has secured seven exploration blocks in the latest licencing round launched in India.
The Indian government had offered 11 oil and gas blocks for exploration and production in the fifth bid of the Open Acreage Licensing Policy (OLAP).
According to the upstream regulator Directorate General of Hydrocarbons (DGH), the remaining four blocks are offered to Oil India (OIL).
At the close of bidding on 30 June 2020, DGH received a total of 12 bids, including seven bids by ONGC and four by OIL, for the 11 blocks that were on offer. Invenire Petrodyne placed bid for one block, reported Press Trust of India (PTI).
Total acreage of the 11 exploration blocks is 19,800km2
The total acreage of the blocks offered in the OLAP V bidding round is about 19,800km2, according to DGH.
DGH earlier said that the 11 blocks under OALP Round-V are spread across eight Sedimentary Basins.
It includes eight Onland blocks including six in Category-I Basin and one each in Category II and III Basins; two shallow-water blocks including one each in Category-I and II Basins; and one ultra-deepwater block, Category-I Basin.
At the time of the launch of OALP-V, the upstream regulator earlier said: “It is expected that OALP Round V would generate immediate exploration work commitment of around USD400-450 million. An area of 136,800 sq. km has already been awarded under OALP Bid Round I, II, III and IV.
“These OALP Bid Round-V Blocks would add further 19,800 sq. km. Overall Exploration Acreage of India would then increase to 236,600 sq. km”
In the previous bid round, OALP-IV, ONGC won exploration and production rights for seven onshore oil and gas blocks.