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Govt to sign revenue-sharing contracts with OALP II & III winners on July 16

Minister for Petroleum and Natural Gas Dharmendra Pradhan is going to preside over the contract-signing ceremony
New Delhi: The government is going to sign revenue-sharing contracts on Tuesday with companies that were handed oil blocks in the second and the third round of auctions held under the Open Acreage Licensing Programme (OALP), upstream regulator Directorate General of Hydrocarbons (DGH) said in an official statement. Minister for Petroleum and Natural Gas Dharmendra Pradhan is going to preside over the contract-signing ceremony. MM Kutty, Secretary at the petroleum ministry, VP Joy, directorate general of DGH and Bernard Looney, chief executive at BP will address the conference.

The backdrop

Under the under OALP-II and OALP-III auctions, government-owned Oil India Limited, Anil Agarwal-led Vedanta, and Oil and Natural Gas Corporation (ONGC) won the maximum number of oil blocks. While OIL bagged 12 blocks, Vedanta secured 10 and ONGC walked away with eight blocks. The government had put up a total of 37 blocks on offer under OALP-II and OALP-III, of which 32 have been awarded.