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    ONGC, Oil India Sign Contracts for 11 Indian Blocks

Summary

ONGC won seven blocks while Oil India bagged four.

by: Shardul Sharma

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ONGC, Oil India Sign Contracts for 11 Indian Blocks

Indian state companies ONGC and Oil India have signed contracts for 11 oil and gas blocks offered under the Open Acreage Licensing Policy (OALP) Bid Round-V, the Indian government said on November 17.

ONGC signed contracts for seven blocks while Oil India signed for four. The 11 blocks cover 19,789 km2 in total, and will see rupees 4.65bn ($62mn) of near-term investment in exploration, the government said.

OALP is a market-friendly policy that is driving self-reliance in the energy sector, Indian petroleum minister Dharmendra Pradhan said. The winners should farm out these areas, bringing on board international players, he said.

Pradhan also suggested that an independent body should be set up for data gathering and data management so that all the bidders have access to the relevant information for making an informed investment decision.

Prior to OALP-V, the government awarded 94 blocks in four OALP bid rounds since 2017. These 94 blocks cover 136,790 km2.