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Govt launches 8th round of bidding of 10 oil and gas blocks


New Delhi, June 5
Petroleum Ministry has launched the open acreage licencing programme (OALP), under which 10 blocks would be offered for international competitive bidding under the eighth round.

The government has extended the bid closing date for this particular round till July 5.

The ministry recently introduced significant changes in contractual framework and incentive structure.

The award of OALP eight round will further add 34,364.53 square km of acreage and take the cumulative exploration acreage under OALP to 242,055 square km.

The hydrocarbon exploration and licensing policy (HELP) was promulgated on March 30, 2016.

Since then, seven rounds of OALP have been successfully concluded and 134 E&P blocks have been awarded comprising an area of 2,07,691 square km, spread across 19 sedimentary basins.