Only 13 areas under second open acreage auction get expressions of interest


Only 13 areas under second open acreage auction get expressions of interest

The second round of oil and gas auctions under the Open Acreage Licensing Policy (OALP-II) has got expressions of interest (EoIs) for only 13 geographical areas, as against 55 during the first round last year.

According to sources close to the development, state-run Oil and Natural Gas Corporation has submitted interests for seven of this area, while the remaining companies likely include Mukesh Ambani-led Reliance Industries and Bharat PetroResources.

RIL had stayed away from the bidding process during the OALP-1 and Discovered Small Fields (DSF-1).The bidding round for OALP-II will begin in July. The last date for submission of EoIs was May 15.The OALP is designed to allow companies to carve out their own exploration areas while plugging the gaps found in the earlier model.

In the EoI stage, companies can carve out their area based on the national data repository (NDR), following which the second stage involves bidding where others can also join.“We have received around 13 EoIs, but expect a lot of overseas interest this time. Read More

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