Third round of OALP offers 23 oil, gas, coal-bed methane blocks
Centre expects immediate exploration work commitment of about $600-$700 mn
India on Sunday offered 23 oil and gas and CBM blocks for bidding in the third round of Open Acreage Licensing Policy (OLAP), expecting up to to $700 million of investment that it hoped will help raise domestic output and cut imports.
Oil Minister Dharmendra Pradhan launched the OALPIII bid round at the Petrotech 2019 conference here on the outskirts of Delhi.
“In OALP-III, 23 blocks in 12 sedimentary basins are being offered. Of these, five are coal-bed methane (CBM) blocks. Total area on offer is about 31,000 square kilometre,” he said. The last date for bidding is April 10.
OALP-III will run concurrently with OALP-II, where 14 blocks, covering an area of close to 30,000 sq km, is on offer for bidding, he said, adding that in OALP-I, 55 blocks, covering an area of 60,000 sq km, were offered in January 2018 and awarded in October last year.
More area added
“In one year, we have added about 1.2 lakh sq km of area to the exploration kitty. This compares to 90,000 sq km area under exploration previously,” he said, adding the area under exploration will double by the time the round ends.
“Our effort is to accelerate exploration of all sedimentary basins of the country,” he said.
The third round is expected to “generate immediate exploration work commitment of around $600-$700 million,” a statement said.
Black gold: In OALP-I, 55 blocks, covering an area of 60,000 sq km, were offered in January 2018.