Guwahati: The state-owned Oil and Natural Gas Corporation (ONGC) has won 18 of the 21 areas offered for discovering and producing oil and gas in the sixth bid round under the Open Acreage Licensing Policy.
The Directorate General of Hydrocarbons announced the winners of the OALP-VI round, with Oil India Ltd (OIL) receiving two blocks and Sun Petrochemicals Pvt Ltd receiving one.
At the closing of bidding on October 6, 2021, the 21 blocks or areas offered for oil and gas exploration and production in Open Acreage Licensing Policy (OALP) Bid Round-VI received just three bidders. Of the 21 blocks on offer, 18 got a single bid while the remaining 3 blocks had two bidders. ONGC, India's largest oil producer, bid on 19 blocks, whereas OIL bid on only two. ONGC was the lone bidder in 16 blocks, while OIL was the sole bidder in the two regions it wanted. Sun Petro Chemicals competed for three blocks, competing with ONGC, Vedanta Ltd, and the Reliance BP combo, which had bid in previous OALP rounds but did not offer in the current round.
The government is hopeful that by opening up additional area for exploration, India's oil and gas output would increase, lowering the country's USD 119 billion oil import bill.
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