Oil India taps Petrobras, Exxon, Total to jointly bid for oil blocks

State-owned Oil India Ltd is in talks with global exploration and production (E&P) majors, including ExxonMobil, TotalEnergies and Petrobras, to jointly explore hydrocarbon blocks in India, said two people in the know of the developments.

- Rituraj Baruah

Oil India's one-on-one talks with these companies are largely focused on a possible partnership for the 10th round of auctions under the country's Open Average Licensing Policy (OALP-X).

In this round, the government plans to offer 2.5 lakh sq. km. area for exploration.

The OALP-X round was launched in February and the deadline for submission of bids is 31 July.

According to one of the people cited above, the deadline may be extended.

"Talks are underway with major global players, Total, ExxonMobil and Petrobras. It is being looked at if Oil India can get a partner for the upcoming 10th round of auctions for deep and ultradeep water blocks," said the person mentioned above.

"The partner would also have the option to come together for blocks bagged in the previous round (ninth)."

Queries sent to Oil India, TotalEnergies, ExxonMobil, and Petrobras remained unanswered till press time.

Apart from this, Oil India is also scouting for a technical service partner in its old and legacy oilfields, where it is looking to increase production.