State-owned ONGC and Vedanta Ltd today emerged as the biggest bidders for oil and gas blocks, putting in 41 out of 56 bids received in India’s maiden auction under open acreage licensing regime.
Oil and Natural Gas Corp (ONGC) put in expression of interest for 41 areas while Vedanta’s oil unit, Cairn India sought rights over 15 areas, sources privy to the development said.
Hindustan Oil Exploration Co (HOEC) bid for one area in a round that was shunned by biggies like Reliance Industries.
India in July opened 2.8 million sq km of sedimentary basins for oil and gas exploration in a bid to raise domestic production and cut excessive dependence on imports.
The Open Acreage Licensing (OAL) allows companies to select blocks or areas after studying seismic data to explore and produce oil and gas. The first round of bidding closes today. Read More…