ONGC, OIL sign up for 11 blocks
OIL & GAS

ONGC, OIL sign up for 11 blocks

A contract for seven oil and gas blocks was signed up by state-owned Oil and Natural gas Corp (ONGC) on Tuesday. Out of the 11 blocks that were tendered for searching and labouring oil and gas, the remaining four blocks, which witnessed tepid private participation, were signed up by Oil India Ltd (OIL). These blocks were awarded under the fifth bid round of Open Acreage Licensing Policy (OALP).

Taking in the seven bids by ONGC and four by Indian Oil, a total of 12 bids were admitted for the 11 blocks by the end of the bidding on June 30. The 12th bidder was from Invenire Petrodyne Ltd, which was the only private bidder for one block. ONGC was the sole bidder for the six blocks out of seven, which it won, and Indian Oil was the only bidder for all the four blocks, which it won. However, ONGC won seven blocks, including the one block, which was also bid by Invenire Petrodyne Ltd.

In the previous bid round for OALP-4, eight bids were received for the seven blocks offered, and ONGC signed up all the seven blocks. For the bidding round of OALP-5, a total of 94 blocks were awarded by the government in four OALP bid rounds since 2017. These 94 blocks fill in an area of about 1,36,790 sq km over 16 Indian sedimentary basins whereas 19,800 sq km were offered in the latest bid round.

Out of the 94 blocks, which were awarded in the first four rounds of OALP, maximum blocks were conquered by Vedanta with 51 blocks, OIL at second with 21 blocks, followed by ONGC with 17 blocks. The numbers have changed with the results of the latest bid round, making ONGCs count go up to 24 and Indian Oil to 25.

Speaking at the signing ceremony, Oil Minister Dharmendra Pradhan said that with the latest bid round, the government had awarded 1.56 lakh sq km of acreage in the last four years for finding and producing oil and gas. On the other hand, 90,000 sq km of the area was awarded in nine rounds of New Exploration Licensing Policy (NELP) and pre-NELP awards in the last two decades.

Red tape and multiple regulatory permissions necessary for exploring and producing oil and gas have led to several disrupted timelines. Pradhan also wanted the data repository set up by his ministry's upstream nodal agency, Directorate General of Hydrocarbons (DGH), to be reworked on lines of the National Geoscience Data Repository (NGDR) of the mines ministry. The NGDR is a public-private drive for all non-fuel and non-coal resources. He also wanted the data repository, which outfits geological data of Indian sedimentary basins, to become a self-supported profit centre.

A contract for seven oil and gas blocks was signed up by state-owned Oil and Natural gas Corp (ONGC) on Tuesday. Out of the 11 blocks that were tendered for searching and labouring oil and gas, the remaining four blocks, which witnessed tepid private participation, were signed up by Oil India Ltd (OIL). These blocks were awarded under the fifth bid round of Open Acreage Licensing Policy (OALP). Taking in the seven bids by ONGC and four by Indian Oil, a total of 12 bids were admitted for the 11 blocks by the end of the bidding on June 30. The 12th bidder was from Invenire Petrodyne Ltd, which was the only private bidder for one block. ONGC was the sole bidder for the six blocks out of seven, which it won, and Indian Oil was the only bidder for all the four blocks, which it won. However, ONGC won seven blocks, including the one block, which was also bid by Invenire Petrodyne Ltd. In the previous bid round for OALP-4, eight bids were received for the seven blocks offered, and ONGC signed up all the seven blocks. For the bidding round of OALP-5, a total of 94 blocks were awarded by the government in four OALP bid rounds since 2017. These 94 blocks fill in an area of about 1,36,790 sq km over 16 Indian sedimentary basins whereas 19,800 sq km were offered in the latest bid round. Out of the 94 blocks, which were awarded in the first four rounds of OALP, maximum blocks were conquered by Vedanta with 51 blocks, OIL at second with 21 blocks, followed by ONGC with 17 blocks. The numbers have changed with the results of the latest bid round, making ONGCs count go up to 24 and Indian Oil to 25. Speaking at the signing ceremony, Oil Minister Dharmendra Pradhan said that with the latest bid round, the government had awarded 1.56 lakh sq km of acreage in the last four years for finding and producing oil and gas. On the other hand, 90,000 sq km of the area was awarded in nine rounds of New Exploration Licensing Policy (NELP) and pre-NELP awards in the last two decades. Red tape and multiple regulatory permissions necessary for exploring and producing oil and gas have led to several disrupted timelines. Pradhan also wanted the data repository set up by his ministry's upstream nodal agency, Directorate General of Hydrocarbons (DGH), to be reworked on lines of the National Geoscience Data Repository (NGDR) of the mines ministry. The NGDR is a public-private drive for all non-fuel and non-coal resources. He also wanted the data repository, which outfits geological data of Indian sedimentary basins, to become a self-supported profit centre.

Next Story
Infrastructure Transport

HMRTC to Extend Metro from Gurugram to Jhajjar

The Haryana Mass Rapid Transport Corporation (HMRTC) is progressing with plans to extend the Gurugram Metro from Basai to Bhadsa in Jhajjar, with the ridership survey expected to be completed by the end of January, according to HMRTC officials. In March, the authority had requested Railway India Technical and Engineering Services (RITES) to conduct a ridership survey, which will play a crucial role in finalising the project. The proposed route, covering 23.1 km from Basai to Bhadsa, will alleviate heavy traffic on this stretch. The ridership survey will determine whether the extension should p..

Next Story
Building Material

Siam Cement BigBloc Construction bags Tata Project’s order

SIAM Cement BigBloc Construction Technologies, a joint venture between Gujarat based BigBloc Construction and Thailand’s SCG International Corporation, has secured a work order from Tata Projects for supply and installation of AAC Panels for India’s first Semiconductor unit of Micron India in Sanand, Gujarat. The work order of approx. 2 lakh square feet is for supply and installation of 100 mm AAC panels for Micron India’s semiconductor factory at Sanand. The work order was finalized after several rounds of meetings, thorough due diligence, and factory visits, including review of mock-u..

Next Story
Infrastructure Urban

Zoomlion Releases World's Tallest Straight Boom Aerial Work Platform

Zoomlion Heavy Industry Science & Technology has released a series of groundbreaking aerial work platform (AWP) products, including the world's tallest straight boom aerial work platform, the ZT82J, with a height of 82.3 m. These innovative products further solidify Zoomlion's leadership in the AWP sector and underscore its commitment to global market development. The ZT82J marks Zoomlion's third instance of setting a world record in straight boom AWP following the 68-meter and 72-meter products. The 82.3-meter AWP boasts a platform amplitude of 34.1 meters, a maximum working load of 454 kilog..

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