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ONGC, OIL becomes top bidders of 11 oil, gas blocks in India

ONGC, OIL becomes top bidders of 11 oil, gas blocks in India

India's latest oil and gas block bid created curiosity and also attracted 12 bids and 11 areas on offer out of which 10 of them were bided by the single state-owned ONGC and Oil India Ltd. ONGC became the lone bidder for six blocks and Oil India Ltd was the sole bidder in all four blocks it bid for. The government offered 11 blocks for both explorations as well as the production of oil and gas in the bidding round under the Open Acreage Licensing Policy (OLAP) bids.

According to the Directorate General of Hydrocarbons (DGH), out of 11 blocks that were bided, seven bids were taken by Oil and Natural Gas Corp (ONGC), and four were taken by Oil India Ltd (OIL). Invenire Petrodyne Ltd was the only private bidder that participated in this bid.

With this all-new bid offered by the Central Government, ONGC became the sole bidder for six blocks; OIL was the lone bidder in all the four blocks. These 11 blocks are under OALP and are spread across eight sedimentary basins and include other land blocks with various water blocks and one ultra-deepwater block.  At the time of the launch of OALP-V, DGH had stated that the round is expected to "generate immediate exploration work commitment of around USD 400-450 million".


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