Govt to sign OALP-1 contracts for 55 oil and gas exploration areas on September 24


Govt to sign OALP-1 contracts for 55 oil and gas exploration areas on September 24

The government is likely to sign contracts for 55 oil and gas exploration areas on September 24, awarded under India’s maiden open acreage auction OALP-1, people with direct knowledge of the development said.The government is likely to sign contracts for 55 oil and gas exploration areas on September 24, awarded under India’s maiden open acreage auction OALP-1, people with direct knowledge of the development said.

The signing of contracts with the winners of Open Acreage Licensing Policy (OALP) round-1 was initially scheduled for September 6 but it was postponed. The event is now scheduled for September 24, sources said.

The signing had to be postponed pending Vedanta getting shareholders’ nod to sign the Production Sharing Contracts (PSC) with the government.

Mining mogul Anil Agarwal-led Vedanta Ltd had walked away with 41 out of 55 oil and gas exploration blocks offered in OALP-1 when the bid evaluation was completed last month. Read More

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