OALP round 1 for oil, gas blocks gets good response


OALP round 1 for oil, gas blocks gets good response

State-run explorer Oil and Natural Gas Corp (ONGC) bid on Wednesday for 37 oil and gas blocks while private sector Vedanta Resources placed bids for all the 55 areas on offer in the first auction of oil and gas acreage under the new open acreage licensing policy (OALP), according to an official announcement.

The Petroleum Ministry said in a release that a massive 110 bids had been received in the auction of 55 exploration blocks on offer that closed on Wednesday.

State-run Oil India Ltd (OIL) is the other major bidder in the round that also saw bidding by other public sector units like Indian Oil Corp, GAIL and Bharat Petroleum as consortium partners. Read More

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