Govt opens OALP-X, puts 1.91L sq km up for bidding

OFFERS 25 BLOCKS FOR EXPLORATION

- SIMONTINI BHATTACHARJEE

India launched its largest oil and gas bid round on Tuesday under the Open Acreage Licensing Policy (OALP), offering 25 blocks covering 1.91 lakh square kilometres, primarily in offshore areas. The move is part of the government's efforts to boost domestic production, reduce imports, and enhance energy security.

Petroleum and Natural Gas Minister Hardeep Singh Puri inaugurated the 10th bid round (OALP-X) at the India Energy Week (IEW), highlighting its significance in expanding hydrocarbon exploration. The new bid round spans 13 sedimentary basins, with 13 of the blocks located offshore.

Puri highlighted the government's efforts to revise legislative frameworks based on partner feedback, transitioning from production-sharing to revenue-sharing agreements since 2016.

He noted that the previous decade, from 2006 to 2016, was relatively lacklustre, but the current narrative is being reversed with significant advancements and collaborations, such as ONGC’s major discoveries and offshore seismic surveys.

Puri emphasised the remarkable progress in India’s energy sector, stating that the evolving landscape presents substantial economic opportunities for global partners. He highlighted unprecedented developments across various sectors, from exploration to green energy initiatives. India’s achievements in renewable energy, particularly in biofuel and green hydrogen production, were also underscored.