15 Bidders Likely In Oil Block Auction; ONGC, Oil India May Jointly Bid


15 Bidders Likely In Oil Block Auction; ONGC, Oil India May Jointly Bid

The ongoing Open Acreage Licensing Policy round of oil and gas auctions is likely to be a battle between public sector undertakings and the Anil Agarwal-led Cairn India in many of the lucrative blocks.

According to sources close to the development, state-run Oil and Natural Gas Corporation (ONGC) and Oil India may even jointly bid for some blocks for which private parties have submitted expressions of interest (EoIs).

The last date for submitting bids for the 55 blocks on offer is May 2.

Sources indicate that at least 12-15 companies are likely to participate in the bidding, of which at least two to three are expected to be foreign firms.

“We understand that Cairn India is going to invest massively in the current round apart from the public sector. On the other hand, for those blocks where PSUs have not submitted EoIs, companies like ONGC and Oil India mainly, along with HPCL and BPRL, are likely to join hands for bidding,” said an industry source. Read More

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