23 blocks on offer in third round of bidding for Open Acreage Licensing Policy


23 blocks on offer in third round of bidding for Open Acreage Licensing Policy

India has offered 23 hydrocarbon blocks in the third exploration bidding round of the Open Acreage Licensing Policy (OALP). Petroleum and natural gas minister Dharmendra Pradhan opened the auction at Petrotech, a three-day industry conference that began in Greater Noida on Sunday.

Companies can submit their bids until April 10. The blocks on offer are spread across 12 sedimentary basins and include five coal bed methane, 14 on land, and three shallow water blocks. The third round is expected to generate an immediate exploration work commitment of around $600-700 million, according to an official statement.

Under the OALP, companies are free to carve their own blocks and submit expressions of interest (EoI) for those blocks to the government in two half-yearly cycles ending on May 15 and November 15 every Read More

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