NEW DELHI: State-owned ONGC, OIL and GAIL won 7 out of 8 blocks offered for exploration and production of oil and gas in the OALP (Open Acreage Licensing Policy) 7th bid round. According to the petroleum ministry, Oil and Natural Gas Corporation (ONGC) won three blocks, Oil India Ltd (OIL) won two, GAIL and Sun Petrochemicals won one each.
Meanwhile, the ministry has also launched the OALP bid round 8, offering 10 blocks for international competitive bidding on July 7, 2022. These ten blocks are spread across 9 sedimentary basins and include two on-land blocks, four shallow-water blocks, two deep-water blocks and two ultra-deepwater blocks.
The government expects the OALP round 8 would generate an immediate exploration work commitment of nearly $600-700 million.