Latest News

Petroleum Ministry launches Open Acreage Licensing Programme Bid Round-8

In continuation of its zeal to accelerate E&P activities, the Government has now launched the OALP Bid Round-VIII, offering 10 blocks

PSU Watch Bureau

New Delhi: The Hydrocarbon Exploration and Licensing Policy (HELP) was promulgated on 30 March 2016. Since then seven rounds of the Open Acreage Licensing Programme (OALP) have already been concluded and 134 Exploration & Production blocks awarded comprising 2,07,691 sq. km. of area spread across 19 sedimentary basins.

In continuation of its zeal to accelerate E&P activities, the government has now launched the OALP Bid Round-VIII, offering 10 blocks, for International Competitive Bidding on July 7, 2022. The bids can be submitted through a dedicated online e-bidding portal till 1200 hrs. September 6, 2022. Successful award of Round-VIII Blocks would add a further 36,316 sq. km of Exploration Acreage and cumulative exploration acreage under the OALP regime will be increased to 2,44,007 sq. km.

The Ten blocks under the present bid round are spread across nine Sedimentary Basins and include two Onland blocks, four shallow Water blocks, two Deep Water Blocks and two Ultra-Deep Water blocks. It is expected that OALP Round VIII would generate an immediate exploration work commitment of around USD 600-700 million.

The Hydrocarbon Exploration & Licensing Policy (HELP), which adopts the Revenue Sharing Contract model, is a giant step toward improving the 'Ease of Doing Business in the Indian Exploration and Production (E&P) sector. It comes with attractive and liberal terms like reduced royalty rates, no Oil cess, no revenue share bidding for blocks in Category-II and III Basins, marketing and pricing freedom, round-the-year bidding, freedom to investors for carving out blocks of their interest, a single license to cover both conventional and unconventional hydrocarbon resources, exploration permission during the entire contract period, and an easy, transparent and swift bidding and awarding process.

The XIIIth Window for submission of Expression of Interest (EoI) is currently open till July 31, 2022.

(With PTI inputs)

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

SECI issues showcause notices to Reliance Power, its arm over fake bank guarantees

COP29: India demands USD 1.3 trn for developing countries, says NCQG can't be 'investment goal'

Nepal to export 40 MW of electricity to Bangladesh via India on Nov 15

IREDA CSR: MNRE Minister flags off 10 battery-operated vehicles at Jagannath Temple in Puri

RECPDCL hands over project-specific SPV to Tata Power Company Ltd