MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

ONGC bags seven oilfields offered under the fourth round of OALP auctions

ONGC bags seven oilfields offered under the fourth round of OALP auctions

In the Open Acreage Licensing Programme (OALP) auction that was held on January 2nd, 2020, Oil and Natural Gas Corporation Ltd (ONGC) has been offered with seven oilfields. No private players had participated in the auctions for these blocks. ONGC had bid for all the blocks and has eventually won all the blocks in the auction.

The blocks cumulatively spread across 18,510 sq km. ONGC was the only bidder for the six blocks offered in Madhya Pradesh and one which was in West Bengal, for the 2,111 sq km block in Rajasthan, ONGC competed with Oil India Ltd.

This is the first round of auction of OALP. The other auctions will be held in the month of February which will include the hydrocarbon exploration blocks. It is said that as many as 87 blocks will be auctioned with total blocks covering an area of 1.2 lakh sq km. “We have shifted our focus from revenue to production maximization and have adopted the path of continuous reform,” DharmendraPradhan, Union minister for petroleum and natural gas said.

The February Cabinet decisions also stated that the contractors bidding for blocks in Category II and III basins — which are unexplored and without many geoscientific data — will only pay royalty and statutory levies and do not have to share any revenue unless windfall gains are made. As per the norms, it is considered as the greatest win to ONGC as it has bagged all the major blocks which are required for oil and gas production.

YOU MAY ALSO LIKE

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

Countries in Asia-Pacific are marching towards ‘green recovery’ amidst Covid-19 crisis

2020 has been an unforgettable year for many of us. The ongoing Covid crisis has reminded people that it is very important to have an uninterrupted an...

Department of Telecommunication to announce the new schedule for 5G trials

Department of Telecommunications (DoT) is all set to announce the new schedule for 5G trials. The Dot made this decision after being pulled by the par...

RECOMMENDED