State run Oil PSUs signs agreement with Government for 20 Blocks of ninth-OALP bid round
The contracts with the winning bidders were signed on Tuesday in the presence of Oil Minister Hardeep Singh Puri.
The Ministry of Petroleum and Natural Gas has signed contracts with PSU Oil Firms, ONGC and Oil India (OIL), for a cumulative 20 blocks out of the 28 auctioned in the ninth bidding round of the Open Acreage Licensing Policy (OALP) policy. The contracts with the winning bidders were signed on Tuesday in the presence of Oil Minister Hardeep Singh Puri.
A total of 15 blocks were won by ONGC and its joint venture partners. The business won four blocks together and eleven blocks on its own. In the meantime, Oil India Ltd. acquired three blocks in partnership with ONGC and six blocks on its own. Oil Minister Hardeep Singh Puri was present at the signing of the contracts under OALP-IX. A total of 28 blocks totalling 1.36 lakh square kilometres were put up for auction in this round. The Reliance-BP and ONGC joint bid for a block off the coast of Gujarat was the high point.
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There has never been a more pressing need for domestic exploration and production in India, as the country currently imports 88% of its crude oil and 50% of its natural gas. 28 blocks totalling 1.36 lakh square kilometres, spread across eight sedimentary basins, have been awarded under OALP Round-IX alone; 38% of these blocks are located in areas that were previously classified as "No-Go."
Read Also : BHEL signs Technology Transfer Agreement with Bhabha Atomic Research Centre for hydro productionIn addition, out of 60 bids received, two blocks were given away under the Special DSF Round. Additionally, DSF Round-IV, which includes 55 discoveries in nine contract areas with estimated reserves of 258.59 million metric tonnes of oil equivalent (MMTOE), was launched yesterday. Global experts have thoroughly vetted each block's technical aspects, and crucially, prospective investors now have unrestricted access to all pertinent data.
OALP Round-X has already been launched at the India Energy Week 2025, offering 25 blocks across 13 sedimentary basins—covering the largest-ever acreage of 1.92 lakh square kilometers, with 51% falling in previously restricted zones.
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