Govt receives 13 bids for oil & gas blocks in latest licensing round
OIL & GAS

Govt receives 13 bids for oil & gas blocks in latest licensing round

According to a notification by the Directorate General of Hydrocarbons (DGH), the government has received a total of 13 bids for 10 oil and gas blocks in the latest exploration licensing round. This includes three bids from the private sector. The bidding process, overseen by the DGH, had a submission deadline that was extended multiple times over the course of a year.

Among the bidders, the state-run Oil and Natural Gas Corp (ONGC) has placed bids for nine blocks. Other companies such as Oil India, Vedanta, Sun Petrochemicals, and the joint venture of Reliance Industries and BP have each bid for one block. Out of the 10 blocks, seven have received only one bid, while the remaining three have received two bids each.

While ONGC is expected to secure six blocks without competition, it will face competition from Vedanta, Sun Petrochemicals, and Oil India for one block each. The joint venture between Reliance Industries and BP faces no competition for the block it has bid for in the KG Basin.

This exploration licensing round, known as the eighth under the Open Acreage Licensing Policy (OALP), was launched on July 7 last year. The bid acceptance for this round concluded on July 5 this year after several deadline extensions.

Since the launch of OALP five years ago, state-run companies have dominated all the bidding rounds, except the first one where Vedanta won most of the blocks on offer. Foreign major companies have shown little interest in participating in Indian exploration licensing rounds.

India's domestic crude oil production has experienced a 22 per cent decline over the past decade, coupled with increasing local consumption. As a result, India's reliance on foreign oil has reached 88 per cent of its domestic needs. To address this, India needs to intensify exploration efforts and slow down the decline in production from its aging oil fields.

ExxonMobil, which has expressed interest in India's upstream sector, has called for investor-friendly policies that provide protection against expropriation and ensure certainty of returns on investment. The imposition of a windfall tax on domestic crude production last year has also dampened investor sentiment, according to industry executives.

In the latest exploration licensing round, the bid submission deadline was extended several times to accommodate potential bidders. The government aimed to provide investors with more time to evaluate the opportunities and place their bids. Additionally, the government introduced modifications to the bidding documents for this round, allowing companies to carve out larger blocks, adjusting bid evaluation criteria, and incentivising early monetisation of discoveries.
Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

According to a notification by the Directorate General of Hydrocarbons (DGH), the government has received a total of 13 bids for 10 oil and gas blocks in the latest exploration licensing round. This includes three bids from the private sector. The bidding process, overseen by the DGH, had a submission deadline that was extended multiple times over the course of a year.Among the bidders, the state-run Oil and Natural Gas Corp (ONGC) has placed bids for nine blocks. Other companies such as Oil India, Vedanta, Sun Petrochemicals, and the joint venture of Reliance Industries and BP have each bid for one block. Out of the 10 blocks, seven have received only one bid, while the remaining three have received two bids each.While ONGC is expected to secure six blocks without competition, it will face competition from Vedanta, Sun Petrochemicals, and Oil India for one block each. The joint venture between Reliance Industries and BP faces no competition for the block it has bid for in the KG Basin.This exploration licensing round, known as the eighth under the Open Acreage Licensing Policy (OALP), was launched on July 7 last year. The bid acceptance for this round concluded on July 5 this year after several deadline extensions.Since the launch of OALP five years ago, state-run companies have dominated all the bidding rounds, except the first one where Vedanta won most of the blocks on offer. Foreign major companies have shown little interest in participating in Indian exploration licensing rounds.India's domestic crude oil production has experienced a 22 per cent decline over the past decade, coupled with increasing local consumption. As a result, India's reliance on foreign oil has reached 88 per cent of its domestic needs. To address this, India needs to intensify exploration efforts and slow down the decline in production from its aging oil fields.ExxonMobil, which has expressed interest in India's upstream sector, has called for investor-friendly policies that provide protection against expropriation and ensure certainty of returns on investment. The imposition of a windfall tax on domestic crude production last year has also dampened investor sentiment, according to industry executives.In the latest exploration licensing round, the bid submission deadline was extended several times to accommodate potential bidders. The government aimed to provide investors with more time to evaluate the opportunities and place their bids. Additionally, the government introduced modifications to the bidding documents for this round, allowing companies to carve out larger blocks, adjusting bid evaluation criteria, and incentivising early monetisation of discoveries.

Next Story
Infrastructure Urban

Bain Capital Invests in Dhoot Transmission Group to Accelerate Growth

Dhoot Transmission Group, a prominent manufacturer of automotive components, has announced a strategic growth investment from Bain Capital. This partnership with founder and CEO Rahul Dhoot will leverage Bain Capital's automotive expertise to drive innovation, expand global reach, and explore high-growth segments through acquisitions and partnerships.Founded in 1999, Dhoot Transmission Group specializes in manufacturing wiring harnesses for two-wheelers, three-wheelers, and other vehicles, including both internal combustion engine (ICE) and electric vehicle (EV) segments. The company has diver..

Next Story
Infrastructure Energy

Indian Oil Corp Eyes Sour Crude from Spot Market

Indian Oil Corporation (IOC), the largest oil refiner in India by capacity, is actively seeking to procure high-sulphur crude oil through spot tenders. This marks the company's first initiative to import sour crude oil since March 2022, according to insights shared by trade sources on Thursday. Sour crude, known for its higher sulphur content, is commonly used by complex refineries capable of processing such grades efficiently. In addition to the sour crude tender, IOC has also floated a separate tender for sweet crude oil, a variety with lower sulphur content that typically requires less int..

Next Story
Infrastructure Urban

Indian Carmakers Gear up for EV Push in 2025 Despite Global Slowdown

Automakers in India are preparing to launch nearly a dozen new electric car models this year, many targeting the premium market. These vehicles are expected to feature extended driving ranges and faster charging capabilities, aimed at attracting consumers amid a global slowdown in demand for electric vehicles (EVs). Electric cars are set to dominate India's five-day auto show in New Delhi starting Friday. The event will showcase models from Vietnamese newcomer VinFast, alongside domestic players such as Maruti Suzuki and Mahindra & Mahindra, as well as international competitors including BYD,..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000