Oil India wins 12 exploration licenses

08 July 2019

Oil India has won 12 exploration licenses in the latest round of oilfield auction. The Indian Oil Corporation and the joint venture of Reliance Industries and BP also won one block each.

Open Acreage Licensing Policy

The Directorate General of Hydrocarbons, an arm of the Ministry of Oil and Petroleum, conducted the second and third rounds of auction under the Open Acreage Licensing Policy (OALP).

The government had received 75 bids for 37 blocks offered in the second and third licensing rounds that ran almost concurrently. In the second round, 14 blocks attracted 33 bids while in the third round, 23 blocks received 42 bids. Five coal bed methane blocks offered in the third round attracted no interest. Oil India secured 12 wins with just 15 bids.

Oil and Natural Gas Corporation won nine of the 20 bids it had placed. Vedanta won third of the 30 bids it made, the highest number of bids by any participant in these two rounds. In the first auction round under OALP, Vedanta had bid for all 55 blocks on offer and won 41.

Image Source: Google