Sunday, October 2, 2022

Know all about OALP bidding round II, III

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New Delhi: The second and third round of bidding under the Open Acreage Licensing Policy (OALP) has received one joint bid from Reliance Industries Limited (RIL) and British Petroleum (BP), 30 bids from Vedanta and 20 from state-run Oil and Natural Gas Corporation (ONGC). While Oil India Limited (OIL) has submitted 15 bids, Indian Oil Corp (IOC), GAIL (India) and SunPetro bid for two blocks each.

Total number of blocks on offer in OALP II and III round

A total of 32 blocks are up for grabs in the two rounds, OALP bidding for which is going on concurrently. While 14 blocks have been offered under OALP round II, another 18 oil and gas blocks and five coal-bed methane (CBM) blocks are on offer in OALP III.
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The bidding for these blocks closed on Wednesday.

RIL-BP combine bid for one block off east coast

As bidding closed, it emerged that the RIL and BP combine has made an offer for a block off the east coast that was demarcated by BP during the expression of interest (EoI) stage.

The OALP policy

The government had allowed exploration companies to carve out blocks of their choice in order to bring a total of 2.8 million sq km of unexplored area in the country under exploration. Under this policy, companies are supposed to submit an expression of interest for prospecting of oil and gas in an area that is presently not under any production or exploration licence. The EoIs can be submitted at any time of the year but they have accumulated twice annually.

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