As many as 4 firms, together with three state-owned, put in 10 bids for the eight oil and gas blocks on provide in India’s latest round of bidding for exploration acreage, in accordance with the Directorate General of Hydrocarbons (DGH).
Total six out of the eight blocks on provide bought single bids whereas there have been two bidders for the remaining space, DGH mentioned in a abstract of bids obtained on blocks that have been supplied in the seventh bid round of Open Acreage Licensing Policy (OALP).
State-owned Oil and Natural Gas Corporation (ONGC) bid for 5 out of the eight blocks or areas supplied for exploring and producing oil and gas, whereas Oil India Ltd (OIL) was the one bidder for the 2 blocks it made a suggestion for. GAIL was the only bidder for the lone block on provide from Rajasthan.
ONGC was the only bidder in three of the blocks and had Sun Petrochemicals Pvt Ltd for competitors in two others, in accordance with DGH.
The eight blocks supplied in OALP-VII have been unfold over six sedimentary basins, 5 states overlaying 15,766 sq. kilometer space. While 5 blocks are onland kind, two are shallow water-kind and one block is extremely deep-water kind.
The earlier bid round, OALP-VI, too had attracted simply three bidders, two being ONGC and OIL. Out of the 21 blocks or areas that have been supplied for exploration and manufacturing of oil and gas in OALP-VI, 18 bought single bids. ONGC, India’s largest oil producer, was the only bidder for 16 blocks.
Sun Petrochemicals was the one different firm to have bid in
addition to ONGC and OIL in that round.
The authorities is but to announce the winners of OALP-VI.
The authorities has been hoping that opening up extra acreage for exploration will assist increase India’s oil and gas manufacturing, serving to lower down the $90 billion oil import invoice.
In 2016, it launched an open acreage coverage which moved away from the earlier follow of authorities figuring out and bidding out blocks to the one the place explorers have been allowed to establish any space outdoors of those which can be already with some firm or the opposite, for prospecting of oil and gas.
The areas recognized are to be clubbed twice a yr and supplied for bidding. The agency figuring out the realm gets a 5 level benefit.