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Central Government/Public Sector | Not Classified - india | PID: 202264
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Oil and Natural Gas Corporation (ONGC) won seven of the 10 oil and gas exploration put out for bidding on 03 January, 2024 as part of the eighth round of Open Acreage Licensing Policy (OALP-VIII). The Reliance-BP consortium, Oil India and Sun Petrochemicals successfully bagged exploration rights to one block each
Five firms- ONGC, Vedanta, Oil India (OIL), Sun Petrochemicals and Reliance-BP Exploration (Alpha) had put in 13 bids for the 10 blocks on offer in OALP-VIII. ONGC stood out as the sole bidder for six blocks while Reliance-BP was the sole bidder for the ultradeep sea block in Krishna Godavari basin
OALP-IX bid round was also launched at the event. In this bid round, 28 blocks, with an area of approx. 1,36,596 sq. km., are on offer for bidding, as informed by Union Minister for Housing & Urban Affairs and Petroleum & Natural Gas, Hardeep Singh Puri. Three coal-bed methane (CBM) blocks were also awarded
The estimated investments in the awarded blocks for a committed exploration work programme is to the tune of USD 233 million
It is projected that after the award of blocks under forthcoming OALP-IX and X Bid Rounds, about 5,60,000 sq. km. area (16 percent) will come under exploration by end of year 2024, the Minister stated
| Updated on: 04 - Jan - 2024
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