New Delhi: The outcomes of the ninth spherical of auctions for 28 hydrocarbon blocks underneath the Centre’s Open Acreage Licensing Coverage (OALP) had been introduced on Tuesday, with state-run Oil and Pure Fuel Company (ONGC) securing 15 blocks—4 in partnership with different gamers, and 11 independently, in keeping with an official assertion by ministry of petroleum and pure fuel. Oil India Restricted bagged 9 blocks, together with three with ONGC. And Vedanta Group’s Cairn Oil & Fuel secured seven blocks.
ONGC has tied up with Reliance Industries Ltd and London-headquartered bp plc for a block in the Saurashtra Basin. To make certain, this marks the entry of bp into India’s upstream exploration & manufacturing (E&P) house. ONGC bagged three extra blocks in partnership with Oil India.
Additionally learn | Govt launches tenth spherical of bidding for oil & fuel blocks
Addressing the OALP IX & Particular DSF signing ceremony, Union minister for petroleum and pure fuel Hardeep Singh Puri mentioned that the rising investor curiosity in India’s oil and fuel exploration and manufacturing (E&P) house is “a robust testomony to India’s unwavering dedication to lowering its import dependence and securing its power future”. DSF refers to found small fields.
Demand from India
“Within the subsequent 20 years, 25% of the world’s incremental power demand progress will come from India. We had been decided to unlock India’s untapped power potential, estimated at roughly 42 billion tonnes of oil and oil equal of fuel,” he mentioned.
A press release from bp spokesperson mentioned: “We’re completely happy to substantiate that we have now signed a contract for a brand new exploration license underneath the consortium of ONGC (40%) RIL (30%) and bp (30%) for block GS-OSHP-2022/2 (Saurashtra Basin) in the OALP IX bidding spherical. This strategic collaboration brings collectively the experience of India’s largest nationwide oil and fuel firm, ONGC, the most important Indian conglomerate, Reliance Industries, and international power main bp. This consortium leverages the energy of all events and is one other step in direction of strengthening India’s power safety objectives.”
Additionally learn | Cairn Oil & Fuel commences fuel circulate from Hazarigaon discipline
Cairn Oil & Fuel, a Vedanta Group firm, secured seven blocks in the most recent bidding spherical. It had submitted bids for all 28 blocks on supply in the ninth spherical.
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Portfolio expands
In an announcement, Cairn mentioned: “The awarded new blocks comprise of 4 onshore and three shallow water blocks situated in the hydrocarbon basins of Cambay, Saurashtra, and Mumbai. With these addition, Cairn’s portfolio now expands to 69 blocks masking over 73,000 sq.km. space throughout the nation.”
Through the OALP IX & Particular DSF signing ceremony on Tuesday, the petroleum ministry additionally launched a web based portal to obtain public feedback on the Draft Petroleum and Pure Fuel (PNG) Guidelines 2025. These guidelines intention to implement provisions underneath the Oilfields (Regulation and Growth) Modification Act, 2025.
An official assertion famous that 76% of the overall space presently underneath exploration has been introduced underneath energetic exploration solely since 2014.
OALP Spherical-IX coated 136,596 sq. km throughout 28 blocks. These included 13,875.19 sq. km in onland areas, 26,648.14 sq. km in shallow waters, and 96,073.12 sq. km in ultra-deep waters.
Beneath OALP-IX, blocks throughout eight sedimentary basins have been awarded, masking 1.36 lakh sq. km, 38% of which fall in areas beforehand designated as ‘no-go’.
Moreover, two blocks had been awarded underneath the Particular DSF Spherical, with a complete of 60 bids acquired.
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