51 EoIs received for oil & gas exploration under the new OALP regime

The Directorate General of Hydrocarbons (DGH) has stated that as of now 51 expressions of interest (EoIs) covering an area of about 60,000 square km for the exploration of oil and gas have been bid for in India’s maiden auction under the Open Acreage Licensing Policy (OALP) regime. The last date for submission of EoIs in the first cycle of bidding was November 15, 2017 and the winners will be announced by January 1, 2018. In July 2017, 2.8 million square km of sedimentary basins were opened for oil and gas exploration, in a bid to raise domestic production and cut excessive dependence on imports. The OALP is under the Hydrocarbon Exploration and Licensing Policy that provides a revenue sharing model for bidding for oil and gas blocks. It promises marketing and pricing freedom for oil and gas produced.


    Enter your email address