Govt may award contracts for first OALP oil and gas field auction in July


Govt may award contracts for first OALP oil and gas field auction in July

The government is likely to award contracts for the first round of oil and gas auctions under its Open Acreage Licensing Policy (OALP) in the first week of July.

Anil Agarwal’s Vedanta, Oil India (OIL) and Oil and Natural Gas Corporation (ONGC) would be getting blocks. During the round, Vedanta managed to take 40 of the 55 on offer; OIL and ONGC got the remaining blocks. ONGC, despite bidding for 30 blocks, got less than OIL, said sources.

The 55 blocks are spread across 10 sedimentary basins, covering 60,000 sq km. The second round of Discovered Small Field (DSF) auctions will be held by the end of July. Earlier, there were reports that it could not start before September due to some technical issues.

“The bidding process will kick off by July-end. There is no delay in the process,” said an official. In February, the Union Cabinet had cleared 60 DSFs with an estimated 195 million tonnes of oil and oil equivalent.  Read More

Leave a Reply

Your email address will not be published.