Nine companies have placed bids for 55 oil and gas blocks in India, as part of the Open Acreage Licensing Programme (OALP). The companies are Oil and Natural Gas Corp, Oil India, Indian Oil Corp, GAIL and Bharat Petro Resources, Vedanta, Selan, HOEC and Sun Petro.
This was the first ever auction of blocks under OALP in India. Interested companies submitted an Expression of Interest for 55 exploration across the country.
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Namely, these nine companies have submitted a total of 110 bids for the 55 oil and gas blocks that were put up for the first auction under OALP. The numbers of bids was the largest since 2009.
India will now evaluate the bids and decisions are expected after the commercial bids open. The Indian Government wants to have awarded the block by the end of June 2018, in order for the exploration of the block to start soon.
Possible discoveries in these blocks will enhance India’s production and reduce its dependence. India is now expecting more bids for future rounds for the oil and gas blocks.
