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India gets 10 bids for 8 oil, gas blocks in latest bid round

India gets 10 bids for 8 oil, gas blocks in latest bid round

 

As many as four companies, including three state-owned, put in 10 bids for the eight oil and gas blocks on offer in India's latest round of bidding for exploration acreage, according to the Directorate General of Hydrocarbons (DGH). Total six out of the eight blocks on offer got single bids while there were two bidders for the remaining area, DGH said in a summary of bids received on blocks that were offered in the seventh bid round of Open Acreage Licensing Policy (OALP).

State-owned Oil and Natural Gas Corporation (ONGC) bid for five out of the eight blocks or areas offered for exploring and producing oil and gas, while Oil India Ltd (OIL) was the only bidder for the two blocks it made an offer for. GAIL was the sole bidder for the lone block on offer from Rajasthan.

ONGC was the sole bidder in three of the blocks and had Sun Petrochemicals Pvt Ltd for competition in two others, according to DGH.

The eight blocks offered in OALP-VII were spread over six sedimentary basins, 5 states covering 15,766 square kilometer area. While five blocks are onland type, two are shallow water-type and one block is ultra deep-water type.

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Published: 17-02-2022

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