ONGC may tie up with Petrobras, BP, RIL

India's largest-ever hydrocarbon exploration bidding round, offering 191,986.21 square kilometers under the Open Acreage Licensing Policy (OALP) Round X, may see renewed interest from global oil and gas majors in the country's exploration and production (E&P) sector.

- SHINE JACOB & SUBHAYAN CHAKRABORTY

According to multiple sources close to the development, state-run Oil and Natural Gas Corporation (ONGC) is already in talks with Brazil's Petrobras and London-headquartered BP Plc, in addition to domestic major Reliance Industries (RIL), to jointly bid for the round.

The closing date for bid submission is July 31, according to the hydrocarbon regulator Directorate General of Hydrocarbons. Sources indicate that ONGC, which accounts for 70 per cent of India's domestic crude oil and natural gas production, is expected to show interest in all 25 blocks on offer during the round, while partners may be brought on board for exploration in deep and ultra-deep acreages. Official queries mailed to RIL, ONGC, BP, and Petrobras did not elicit a response.