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Bloomberg Quint
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Reliance-BP-ONGC Trio Strikes Big On Debut; ONGC Corners Most Offshore Oil Blocks
- In the OALP-IX bid round, Reliance, BP, and ONGC consortium won the GS-OSHP-2022/2 block in Gujarat offshore, while ONGC secured the most offshore oil blocks.
- ONGC and its partners won a total of 15 blocks, with ONGC alone winning 11 and the remaining four with partners. Vedanta Ltd. secured seven blocks out of the 28 on offer.
- Reliance, BP, and ONGC consortium signed a contract for a new exploration license for block GS-OSHP-2022/2 under the OALP IX bidding round.
- Contracts for the OALP-IX blocks were signed in the presence of Oil Minister Hardeep Singh Puri, with a total of 28 blocks spread over 1.36 lakh square kilometers in the bid round.
- ONGC bid for 19 out of the 28 blocks on offer, along with partners like Oil India and Indian Oil Corp., while Vedanta bid for all 28 blocks.
- The government has opened the OALP-X bid round, offering 25 blocks with an area of approximately 1,91,986.21 sq km, with bidding closing on July 31.
- The OALP aims to boost India's oil and gas production by attracting firms to develop the upstream sector through a revenue-sharing model and reduced royalty rates.
- Reliance and BP have a longstanding partnership and are partners in the KG deepsea block KG-D6, contributing significantly to gas production.
- The open acreage policy introduced in 2016 allows explorers the freedom to identify areas for oil and gas prospecting, aiming to reduce India's oil import bill.
- While private sector participation has been limited in subsequent OALP rounds, Vedanta dominated the first round by winning 41 blocks, with other rounds being led by state-owned firms.
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