Govt inks con­tract with in­vest­ments of 6,000 cr in OALP

Chemical Industry Digest - - News & Views -

The much-awaited sign­ing of con­tracts for 55 blocks awarded un­der the Open Acreage Li­cens­ing Pro­gramme (OALP), Bid (Round-I) took place on Mon­day. The con­tracts, which were to be ini­tially signed on Septem­ber 6 were de­ferred by the Direc­torate Gen­eral of Hy­dro­car­bons (DGH) — the up­stream tech­ni­cal arm of the Min­istry for Pe­tro­leum and Nat­u­ral Gas — with­out cit­ing any rea­sons.

Un­der the open acreage regime, bid­ders are al­lowed to de­cide the ar­eas they wished to bid and then the bid­ders can carve out the blocks they want from the en­tire acreage data avail­able to them. The DGH then called for bids to es­tab­lish rights of de­vel­op­ing the as­sets based on the amount of rev­enue the com­pa­nies can share with the gov­ern­ment.

The Cen­tre now is gear­ing up for the next round of bids un­der the open acreage regime, where 14 blocks will be of­fered out of which Four blocks in the Ma­hanadi Basin have been carved out by the Direc­torate-Gen­eral of Hy­dro­car­bons and 10 blocks have been iden­ti­fied by bid­ders.

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