OALP Bid Round-1 for auction of blocks concludes

Speed Post News Network

New Delhi  : The Open Acreage Licensing Programme (OALP) Bid Round – I was successfully concluded on May 2, 2018.  This was the first ever auction of blocks under the Open Acreage Licensing Programme in India.

Path breaking Hydrocarbon Exploration and Licensing Policy (HELP), which was approved by the Union Cabinet, chaired by PM Narendra Modi, in March 2016, has been the centre-piece of upstream Oil and Gas sector reform process in the country. OALP under the aegis of Hydrocarbon Exploration and Licensing Policy is meant to steer India as a global Exploration and Production (E&P) investment destination.

Investors had submitted Expression of Interest (EoI) for 55 blocks spread across the country for carrying out Exploration and Production activities. Dharmendra Pradhan, Union Cabinet Minister incharge of Ministry of Petroleum and Natural Gas, inaugurated the National Data Depository and opened OALP process in June 2017. The 55 EoI received were put on bid in January 2018.

In spite of challenging global market environment, where E & P investments are in consolidation mode, Directorate General of Hydrocarbons (DGH) received 110 e-Bids for the 55 blocks on offer by the deadline of 12 noon on May 2, 2018. The response to OALP Bid Round-I has been very favourable and reaffirmed the investor sentiment in the Indian E&P sector. Out of the total 110 e-bids received, 92 e-bids were received for inland blocks and 18 e-bids were received for offshore blocks.The Government endeavours to award the blocks by June 2018, according to a PIB release.