{"id":9383,"date":"2024-01-06T11:21:43","date_gmt":"2024-01-06T11:21:43","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9383"},"modified":"2024-01-06T11:21:43","modified_gmt":"2024-01-06T11:21:43","slug":"india-signs-contracts-for-ten-oil-and-gas-exploration-blocks","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9383\/","title":{"rendered":"India signs contracts for ten oil and gas exploration blocks"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil and Natural Gas Corporation (ONGC) emerged as the dominant player in the Open Acreage Licensing Policy (OALP-VIII) bid round, securing seven out of ten blocks.<\/p>\n

India has signed contracts for ten oil and gas exploration blocks offered under the recent OALP-VIII bid round.<\/p>\n

Government-owned ONGC emerged as the dominant player in the OALP-VIII bid round, securing seven out of ten blocks, reported PTI via the Economic Times.<\/p>\n

The round, which concluded in July 2023, saw a consortium of Reliance Industries and BP, along with Oil India and Sun Petrochemicals, each winning one block.<\/p>\n

As per the official announcement, the committed exploration work programme across the awarded blocks, comprising an area of 34,364km\u00b2, is expected to attract investments of around $233m (Rs19.4bn).<\/p>\n

The ten blocks span nine sedimentary basins and included a mix of onland, shallow water, deep-water and ultra-deep-water blocks.<\/p>\n

In a parallel development, three coal-bed methane (CBM) blocks were also awarded, and the ninth OALP bid round (OALP-IX) was launched.<\/p>\n

The special CBM round-2022 offered 16 blocks over seven states, covering 5,817km\u00b2.<\/p>\n

Out of these, six bids were received for three blocks spanning 717 km\u00b2, which were awarded to two companies.<\/p>\n

The CBM blocks are expected to see investments of approximately $7.4m for the committed exploration work programme.<\/p>\n

Under the OALP-IX bid round, the government has put 28 blocks up for grabs, covering an expansive area of approximately 136,596 km\u00b2.<\/p>\n

According to India\u2019s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, the signing for OALP-VIII and special CBM round-2022, and the launch of the OALP-IX bid round, is a crucial step in ensuring India\u2019s energy security.<\/p>\n

He added that only 10% of the Indian Sedimentary Basin Area is currently being actively explored, but with government initiatives, more area will be brought under exploration.<\/p>\n

By the end of 2024, it is anticipated that, after blocks are awarded under the upcoming OALP-IX and X bid rounds, approximately 5,60,000km\u00b2 (16%) will be explored.<\/p>\n

Updated on