26/09/2021

Tannochbrae

Built Business Tough

Govt extends for third time bids to explore 11 oil and gas blocks

The authorities has extended the final date to bid for 11 oil and gas blocks to June 10 as it extended until Might three a lockdown of the state to incorporate the coronavirus.

The fifth bid spherical less than Open up Acreage Licensing Policy (OALP) opened in January and it was to to start with shut on March eighteen. On the other hand, the bid date was to start with extended to April 16 and then late final thirty day period, it was extended yet again but no closing deadline was given.

“The bid submission date for India OALP Bid Round-V, offering 11 blocks for exploration and enhancement, is extended to June 10, 2020,” the Directorate Typical of Hydrocarbons (DGH) said on Twitter.

Late final thirty day period, DGH said that in watch of the nationwide lockdown, the OALP bid Round-V final date for bid submission will be extended. The revised date was to be notified later.

So considerably, the authorities has awarded ninety four blocks in four rounds in the final two-and-a-fifty percent a long time. These ninety four blocks go over an exploratory location of about 1,36,800 square kilometers in excess of 16 Indian sedimentary basins.

In the most up-to-date bid spherical, about 19,800 sq km of location is on offer for bidding, in accordance to DGH.

Beneath OALP, businesses are allowed to carve out parts they want to investigate oil and gas in. Providers can put in an expression of desire (EoI) for any location all over the 12 months but these types of passions are amassed thrice in a 12 months. The parts sought are then put on auction.

The fifth cycle of distributing EoIs closed on November thirty, 2019, and was followed by the sixth cycle that started on December 1, 2019, and was to final until March 31, 2020. It was to be followed by the seventh cycle from April 1, 2020, until July 31, 2020.

DGH has now merged the sixth and seventh cycle of EoIs.

“In watch of the lockdown owing to COVID-19, the EoI cycle for Round VI (ending March 31, 2020) and Round VII (ending July 31, 2020) shall stand merged,” DGH said, including the EoIs been given in between December 1 and July 31 will be clubbed and put on offer as a put together bid spherical.

“Bidding spherical would be introduced dependent on EoIs been given until July 31, 2020,” it said.

The final bid spherical, OALP-IV, observed just eight bids coming in for 7 blocks on offer. Point out-owned Oil and Purely natural Fuel Corporation (ONGC) walked absent with all the 7 oil and gas blocks on offer.

OALP-IV was the to start with spherical on revamped terms authorized in February 2019.

Contrary to prior rounds where blocks were being awarded to businesses offering a most share of oil and gas to the authorities, blocks in very little or unexplored Group-II and III basins are now awarded to businesses offering to do most exploration programme.

The 11 blocks less than OALP Round-V are unfold across eight sedimentary basins and consist of eight on land blocks (six in Group-I Basin and a single just about every in Group II and III Basins), two shallow-drinking water blocks (a single just about every in Group-I and II Basins) and a single extremely-deepwater block (Group I Basin).

At the time of the launch of OALP-V, DGH experienced mentioned that the spherical is expected to “crank out fast exploration do the job determination of around USD four hundred-450 million”.

“An location of 1,36,800 sq km has previously been awarded less than OALP Bid Round I, II, III and IV. These OALP Bid Round-V Blocks would insert more 19,800 sq km. Over-all Exploration Acreage of India would then increase to 2,36,600 sq km,” it experienced said at that time.

Of the ninety four blocks awarded in the to start with four rounds of OALP, Vedanta has won the most at fifty one. Oil India Ltd has got 21 blocks and ONGC another seventeen.

All 11 blocks in OALP-V are dependent on EoIs been given in the course of EoI Window-V from Might 16, 2019, to November thirty, 2019, in accordance to DGH.