Govt offers seven oil and gas blocks for exploration
According to an official statement, the Directorate General of Hydrocarbons (DGH) has offered seven new blocks for bidding to explore oil and natural gas on revamped exploration terms that look to expedite cut in import dependence by raising domestic output. Five blocks are lesser explored and are in and around the Vindhyan sedimentary basin, while one block is in the Bengal Purnea basin, and the remaining block is in the proven basin of Rajasthan. In all, 18,509.69 sq.km of area for exploration of oil and gas has been offered in the fourth round of bidding of Open Acreage Licensing Policy (OALP). The government has, under the previous three OALP rounds, awarded 87 blocks covering an area of 1.18 lakh sq.km. OALP-IV is the first round being held on revamped terms approved in February 2019. Unlike previous rounds where blocks were awarded to companies offering a maximum share of oil and gas to the government, blocks in little or unexplored Category-II and III basins will be awarded to companies offering a maximum exploration program.
📅Published on:
27 August 2019
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