New Delhi, State-owned <keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword>, mining baron Anil Agarwal's <keyword id="28423" type="General" weightage="20" keywordseo="vedanta" source="Orion">Vedanta</keyword> and a consortium of Reliance Industries Ltd and BP Plc put in 13 bids for 10 areas offered for finding and producing crude oil and natural gas in India's latest bid round, according to regulator DGH. India offered 10 blocks for bidding in the eighth round of the Open Acreage Licensing Policy (<keyword id="188167" type="General" weightage="20" keywordseo="oalp" source="Orion">OALP</keyword>) in July last year. After extending the bid deadline a few times, the round closed last week. Five companies - Oil and Natural Gas Corporation (ONGC), Vedanta Ltd, Oil India Ltd (OIL), Sun Petrochemicals Pvt Ltd and <keyword id="579522" type="General" weightage="20" keywordseo="reliance-bp" source="Orion">Reliance-BP</keyword> Exploration (Alpha) Ltd - put in 13 bids for the 10 blocks on offer in OALP-VIII, the Directorate General of Hydrocarbons (DGH) said putting out a summary of bids received. Seven of the 10 blocks on offer received single bids and the other three blocks had two bidders each. Global energy giants like ExxonMobil, Chevron and TotalEnergies, which India has been courting to give a fillip to exploration and production, did not put in any bid. ONGC was the sole bidder for six blocks while Reliance-BP was the sole bidder for the ultradeep sea block in Krishna Godavari basin, according to the DGH. In all, ONGC bid for nine out of the 10 blocks. It did not bid for the block bid by Reliance-BP. Vedanta, OIL and Sun Petrochemicals bid for one block each where they were locked in competition with ONGC, according to DGH. Reliance and BP have more than a decade-old partnership and had won a block in one of the previous OALP rounds. The government has been hoping that opening up more acreage for exploration will help boost India's oil and gas production, helping cut down the USD 157 billion oil import bill. In 2016, it brought in an open acreage policy which moved away from the previous practice of government identifying and bidding out blocks to one where explorers were allowed the freedom to identify any area outside of the ones that are already with some company or other, for prospecting of oil and gas. The areas identified are to be clubbed twice a year and offered for bidding. The firm identifying the area gets a 5-point advantage. But except for the first round, private sector participation has been scant. Mining mogul Anil Agarwal's Vedanta Ltd walked away with 41 blocks out of the 55 blocks on offer in the very first round and got another 10 areas in two subsequent rounds. Other rounds have been dominated by state-owned firms. In the last round, OALP-VII, ONGC walked away with three out of eight blocks on offer while OIL won two blocks and state-owned gas utility GAIL was awarded one block. Sun Petrochemicals Pvt Ltd won the remaining two blocks in the Cambay basin. In OALP-VI, ONGC won 18 out of the 21 areas on offer. OIL walked away with two blocks and Sun Petrochemical got on the block. DGH launched OALP Bid Round-VIII on July 7, 2022, offering 10 blocks for international competitive bidding. Blocks in OALP-VIII cover nine sedimentary basins covering about 36,316 sq km and include two onshore blocks, four shallow water blocks, two deepwater blocks, and two ultra-deepwater blocks. Bids for the round are originally due by September 6, 2022, but the deadline was extended a few times. A new policy for finding and producing oil and gas called the Hydrocarbon Exploration and Licensing Policy (HELP), was promulgated on March 30, 2016. Since then, eight bid rounds of the OALP have been concluded and 144 exploration and production blocks awarded. These blocks cover over 2.44 lakh square kilometres of area. The OALP-VII round is expected to generate USD 600-700 million of commitment in exploration, the oil ministry had said at the time of launching the bid round last year. HELP provides for a revenue-sharing contract model, where the bidder offering the highest share of oil and gas to the government is awarded the block. It comes with attractive and liberal terms like reduced royalty rates, no oil cess, marketing and pricing freedom and a single license to cover both conventional and unconventional hydrocarbon resources.

ONGC, Reliance-BP bid for oil, gas blocks, foreign giants continue to stay away

Accelerating the <keyword id="6359072" type="General" weightage="20" keywordseo="Oil" source="Orion">oil</keyword> exploration and production activities in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>, the Central government on Thursday launched the eighth round of Open Acreage Licensing Programme (<keyword id="188167" type="General" weightage="80" keywordseo="oalp" source="Orion">OALP</keyword>) <keyword id="2811380" type="General" weightage="80" keywordseo="bid-round" source="Orion">Bid Round</keyword>. The Indian government is offering 10 blocks for International Competitive Bidding, and the bids can be submitted through a dedicated online e-bidding portal till September 6, 2022. Successful award of Round-VIII Blocks would add a further 36,316 square km of exploration acreage and cumulative exploration acreage under OALP regime will be increased to 2,44,007 square km, the government said. The 10 blocks under present bid round are spread across nine <keyword id="454887" type="General" weightage="80" keywordseo="sedimentary-basins" source="Orion">Sedimentary Basins</keyword> and include two onland blocks, four shallow water blocks, two deep water blocks and two ultra-deep water blocks. It is expected that <keyword id="14403191" type="General" weightage="50" keywordseo="oalp-round-viii" source="Orion">OALP Round VIII</keyword> would generate immediate exploration work commitment of around $600-700 million. The <keyword id="3279540" type="General" weightage="50" keywordseo="hydrocarbon-exploration-and-licensing-policy" source="Orion">Hydrocarbon Exploration and Licensing Policy</keyword> (HELP) was promulgated on March 30, 2016. Since then seven rounds of OALP have already been concluded and 134 exploration and production blocks awarded comprising 2,07,691 sq.km. of area spread across 19 sedimentary basins. The policy had adopted the revenue sharing contract model and comes with reduced royalty rates, no oil cess, no revenue share bidding for blocks in Category-II and III basins, marketing and pricing freedom, round the year bidding, freedom to investors for carving out blocks of their interest, a single license to cover both conventional and unconventional hydrocarbon resources, exploration permission during the entire contract period, and an easy, transparent and swift bidding and awarding process. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/tcs-profits-grows-at-5-hit-by-salary-hikes-talent-churn-and-travel-costs/articleshow/92751245.cms">TCS profits grows at 5%, hit by salary hikes, talent churn and travel costs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/how-data-analytics-will-revolutionise-business-outcomes/articleshow/92750046.cms">Here are 4 ways data analytics will revolutionise business outcomes</a>

Government puts 10 oil and gas exploration blocks up on bid

<ul><li><keyword id="6354737" type="General" weightage="20" keywordseo="ongc" source="Orion">ONGC</keyword> has discovered oil and gas reserves in Mumbai offshore fields located in the Arabian Sea.</li><li>Detailed assessment of the discoveries is in progress, the company said.</li><li>ONGC’s director of exploration Sushma Rawat said the exploration of oil reserves will help the country reduce its oil and gas imports.</li><li>The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas, said Rawat.</li></ul>State run Oil and Natural Gas Corporation (ONGC) said on Thursday that it has discovered oil and gas reserves in Mumbai offshore fields located in the Arabian Sea. A detailed assessment of the discoveries is in progress, the company added. ONGC has made discoveries of Oil and Gas in MBS171HAA-1 (MBS171HAA-A)-“AMRIT” in OALP (Open Acreage Licensing Policy) block MB-OSHP-2017/1, the company said in a press release. “There is another remarkable discovery in MBS182HDA-1(MBS182HDA-A) named Moonga in OALP exploration Block in Mumbai Offshore,” ONGC said. This is a positive sign as the country imports 80% of its oil and gas needs, and any rise in oil prices will increase the import bill. While the <keyword id="102132" type="General" weightage="20" keywordseo="crude-oil-prices" source="Orion">crude oil prices</keyword> have been falling recently and currently hovering around $75 per barrel, it has been volatile for the last few years, since it’s susceptible to geopolitical developments. ONGC’s director of exploration Sushma Rawat said the exploration of oil reserves will help the country in reducing oil and gas imports. “With these notable findings in the OALP I and OALP III rounds, ONGC reaffirms its exploration commitment to unlocking the vast potential of India's hydrocarbon resources along with reserves accretion, strengthening the nation's energy security. The discovery represents a momentous achievement, underscoring exploration dedication to expanding domestic production and reducing India's reliance on imported oil and gas,” said Rawat. India’s largest state owned oil and gas producer has been pursuing ways to discover more oil and gas assets. “ONGC’s relentless pursuit of exploring untapped regions yielded these finds. By diligently analyzing geological data and employing advanced technologies, ONGC successfully identified substantial oil and gas reserves, reaffirming the untapped potential within the OALP blocks,” said the company in a release. Mumbai High fields, formerly known as Bombay High, was one ONGC’s oldest finds, and was discovered in 1974. The offshore field based in Arabian Sea, produces crude oil and had hit peak production in early 2000s. Over time it’s known to have recovered over 80% of its assets. Analysts have been concerned about the aging fields of the state owned oil and gas major for a while now. The company on the other hand, has been making technological investments into its onshore <a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/ongc-bets-on-technology-to-milk-ageing-oil-fields/articleshow/95494251.cms?from=mdr">fields to boost productivity.</a> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-hindenburg-row-mauritian-minister-rejects-shell-company-allegations/articleshow/100164083.cms">Adani-Hindenburg row: Mauritian minister rejects shell company allegations</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-hit-a-4-month-low-in-april-amfi/articleshow/100162128.cms">Inflows into equity mutual funds hit a 4-month low in April: AMFI</a>

ONGC discovers oil and gas reserves in Mumbai offshore, calls it momentous achievement

New Delhi, Mar 31 () The government has extended the last date of bidding for the 11 oil and gas blocks on offer in the fifth bid round, and decided to merge the next two rounds into one in view of the COVID-19 lockdown in the country. The fifth bid round under Open Acreage Licensing Policy (OALP) opened in January and was to initially close on March 18. However, the bid date was earlier this month extended to April 16. Now it has been further extended. "In view of the lockdown due to the Covid-19 pandemic, the OALP bid Round-V last date for bid submission will be extended. The revised date shall be notified soon," the Directorate General of Hydrocarbons (DGH) said in a tweet. So far, the government has awarded 94 blocks in four rounds in the last two-and-a-half years. These 94 blocks cover an exploratory area of about 1,36,800 square kilometers over 16 Indian sedimentary basins. In the latest bid round, about 19,800 sq km of area is on offer for bidding, according to the DGH. Under OALP, companies are allowed to carve out areas they want to explore oil and gas in. Companies can put in an expression of interest (EoI) for any area throughout the year but such interests are accumulated thrice in a year. The areas sought are then put on auction. The fifth cycle of submitting EoIs closed on November 30, 2019, and was followed by the sixth cycle that began on December 1, 2019 and was to last till March 31, 2020. It was to be followed by the seventh cycle from April 1, 2020 until July 31, 2020. "In view of the lockdown due 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, adding the EoIs received between December 1 and July 31 will be clubbed and put on offer as a combined bid round. "Bidding round would be launched based on EOIs received till July 31, 2020," it said. The last bid round, OALP-IV, saw just eight bids coming in for seven blocks on offer. State-owned Oil and Natural Gas Corporation (ONGC) walked away with all the seven oil and gas blocks on offer. OALP-IV was the first round on revamped terms approved in February 2019. Unlike previous rounds where blocks were awarded to companies offering a maximum share of oil and gas to the government, blocks in little or unexplored Category-II and III basins are now awarded to companies offering to do maximum exploration programme. The 11 blocks under OALP Round-V are spread across 8 sedimentary basins and include eight on land blocks (six in Category-I Basin and one each in Category II and III Basins), two shallow water blocks (one each in Category-I and II Basins) and one ultra deep water block (Category I Basin). At the time of the launch of OALP-V, the DGH had stated that the round is expected to "generate immediate exploration work commitment of around USD 400-450 million". "An area of 1,36,800 sq km has already been awarded under OALP Bid Round I, II, III and IV. These OALP Bid Round-V Blocks would add further 19,800 sq km. Overall Exploration Acreage of India would then increase to 2,36,600 sq km," it had said at that time. Of the 94 blocks awarded in the first four rounds of OALP, Vedanta has won the maximum at 51. Oil India Ltd has got 21 blocks and ONGC another 17. All 11 blocks in OALP-V are based on EoIs received during EoI Window-V from May 16, 2019 to November 30, 2019, according to the DGH. ANZ RVK

Oil, gas bid deadline extended; bid rounds merged

New Delhi, Mar 2 () The government has pushed back the last date of bidding for the 11 oil and gas blocks offered in the 5th bid round by a month to April 16, the DGH said on Monday.The 5th bid round under Open Acreage Licensing Policy (OALP) opened in January and was to close on March 18."Bid closing date for the India OALP Bid Round - V is now 16 April 2020," the Directorate General of Hydrocarbons (DGH) said in a tweet.It did not give reasons for the postponement.So far, the government has awarded 94 blocks in the last two and a half years. These 94 blocks cover an exploratory area of about 1,36,800 square kilometers over 16 Indian Sedimentary Basins.In the latest bid round, about 19,800 sq km of area is on offer for bidding, according to the DGH.The last bid round saw just eight bids coming in for seven blocks on offer. State-owned Oil and Natural Gas Corporation (ONGC) walked away with all the seven oil and gas blocks on offer.OALP-IV was the first round on revamped terms approved in February 2019. Unlike previous rounds where blocks were awarded to companies offering a maximum share of oil and gas to the government, blocks in little or unexplored Category-II and III basins are now awarded to companies, offering to do maximum exploration programme.The 11 blocks under OALP Round-V are spread across 8 Sedimentary Basins and include eight on land blocks (six in Category-I Basin and one each in Category II and III Basins), two Shallow Water blocks (one each in Category-I and II Basins) and one Ultra Deep Water block (Category I Basin).At the time of the launch of OALP-V, the DGH had stated that the round is expected to "generate immediate exploration work commitment of around USD 400-450 million"."An area of 1,36,800 sq km has already been awarded under OALP Bid Round I, II, III and IV. These OALP Bid Round-V Blocks would add further 19,800 sq km. Overall Exploration Acreage of India would then increase to 2,36,600 sq km," it had said at that time.Under OALP, companies are allowed to carve out areas they want to explore oil and gas in. Companies can put in an expression of interest for any area throughout the year but such interests are accumulated thrice in a year. The areas sought are then put on auction.The fifth cycle of submitting EoIs closed on November 30, 2019, and was followed by the sixth cycle that began on December 1, 2019, and will last till March 31, 2020. It would be followed by the 7th cycle from April 1, 2020, till July 31, 2020.Of the 94 blocks awarded in the first four rounds of OALP, Vedanta has won the maximum at 51. Oil India Ltd has got 21 blocks and ONGC another 17.All 11 blocks in OALP-V are based on Expressions of Interest received during EoI Window-V from May 16, 2019, to November 30, 2019, according to the DGH. ANZ BALBAL

Last date for bidding for oil, gas blocks pushed back a month to April 16

New Delhi, Jan 15 () India on Wednesday announced the opening of the fifth oil and gas block bid round, offering 11 areas for bidding on revamped fiscal terms.
So far, the government has awarded 94 blocks under the Hydrocarbon Exploration &amp; Licensing Policy (HELP) regime in a short time span of two and a half years. 
 These 94 blocks cover an exploratory area of about 1,36,800 square kilometers over 16 Indian Sedimentary Basins, the Directorate General of Hydrocarbons (DGH) said in a statement.
 "In continuation of its aggressive acceleration of exploration and production activities and adhering to the prescribed timelines, the Government has now launched the Bid Round-V for International Competitive Bidding," it said. "In this bid round 11 blocks, with an area of approximately 19,800 sq km are on offer for bidding to the investor community."
The last bid round saw just eight bids coming in for seven blocks on offer. According to the DGH, seven onland blocks were offered in the fourth round of Open Acreage Licensing Policy (OALP) under HELP regime, with an area of about 18,510 sq km. State-owned Oil and Natural Gas Corporation (ONGC) walked away with all the seven oil and gas blocks on offer.
 OALP-IV was the first round on revamped terms approved in February 2019. Unlike previous rounds where blocks were awarded to companies offering a maximum share of oil and gas to the government, blocks in little or unexplored category-II and III basins are now awarded to companies offering to do maximum exploration programme.
 Bidding for OALP-V will close on March 18, the DGH said.
 The 11 blocks under OALP Round-V are spread across 8 Sedimentary Basins and include eight on land blocks (six in Category-I Basin and one each in Category II and III Basins), two Shallow Water blocks (one each in Category-I and II Basins) and one Ultra Deep Water block (Category I Basin).
 "It is expected that OALP Round V would generate immediate exploration work commitment of around USD 400-450 million," the DGH statement said. "An area of 1,36,800 sq km has already been awarded under OALP Bid Round I, II, III and IV. These OALP Bid Round-V Blocks would add further 19,800 sq km. Overall Exploration Acreage of India would then increase to 236,600 sq km."
 The DGH said HELP, which adopts the revenue sharing contract model, is a giant step towards improving the 'Ease of Doing Business' in the Indian Exploration and Production (E&amp;P) sector. 
 "It comes with attractive and liberal terms like reduced royalty rates, no oil cess, marketing, and pricing freedom, round the year bidding, freedom to investors for carving out blocks of their interest, a single licence to cover both conventional and unconventional hydrocarbon resources, exploration permission during the entire contract period, and an easy, transparent and swift bidding and awarding process."
 Under OALP, companies are allowed to carve out areas they want to explore oil and gas in. Companies can put in an expression of interest for any area throughout the year but such interests are accumulated thrice in a year. The areas sought are then put on auction.
The fifth cycle of submitting EoIs closed on November 30, 2019, and was followed by the sixth cycle that began on December 1, 2019, and will last till March 31, 2020. It would be followed by the 7th cycle from April 1, 2020, till July 31, 2020.
 Of the 94 blocks awarded in the first four rounds of OALP, Vedanta has won the maximum at 51. Oil India Ltd has got 21 blocks and ONGC another 17. 
 "All 11 blocks in OALP-V are based on Expressions of Interest received during EoI Window-V from 16th May 2019 to 30th November 2019," the DGH said. ANZ ANZ ANU
ANU

India offers 11 oil and gas blocks in 5th bid round

New Delhi, Jan 2 () State-owned Oil and Natural Gas Corporation (ONGC) on Thursday walked away with all the seven oil and gas blocks on offer in the latest bid round that saw just eight bids coming in.
 ONGC signed contracts for the seven blocks at an event where Oil Minister Dharmendra Pradhan and other ministry officials were also present.
 "These 7 blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas," he said.
 The latest licensing round for allowing companies to explore for oil and natural gas was held on revamped terms but saw only ONGC and Oil India Ltd participating in it. ONGC put in bids for all the seven blocks on offer, while OIL put in an offer for one block at the close of bidding on October 31, 2019.
 ONGC was the sole bidder in five blocks in Madhya Pradesh and one in West Bengal and it was locked in competition with OIL in one block in Rajasthan. ONGC walked away with all the seven blocks on superior bids.
 According to the Directorate General of Hydrocarbons (DGH), seven onland blocks were on offer in the fourth round of Open Acreage Licensing Policy (OALP) with an area of about 18,510 sq km.
 "With the culmination of Bid Round-IV today (Thursday), we have awarded 94 blocks under the exploration policy in a very short time span of two and a half years. These 94 blocks cover an exploratory area of approximately 1,36,800 sq km over 16 Indian sedimentary basins," Pradhan said. "Investors of the 94 blocks have committed 29,270 line kilometers of 2D seismic survey and 43,272 sq km of 3D seismic survey, 369 numbers of exploratory wells, 290 core analysis to establish shale resources. This will generate investment to the tune of USD 2.35 billion (about Rs 16,450 crore) over the next 3/4 years in the exploratory activities alone."
 In the first three rounds of OALP, about 1,18,000 sq km area was awarded, he said adding that the area awarded for exploration compares with about 90,000 sq km of area under exploration prior to OALP.
 The fourth round of bidding under OALP had the lowest number of blocks. While the first round got 110 bids for 55 blocks, the second round attracted 33 bids for 14 blocks. The third round saw 42 bids for 23 blocks. In the previous three rounds together, 87 blocks have been awarded covering an area of 1.18 lakh sq km.
 OALP-IV was the first round on revamped terms approved in February 2019.
 Unlike previous rounds where blocks were awarded to companies offering a maximum share of oil and gas to the government, blocks in little or unexplored category-II and III basins are now awarded to companies offering to do maximum exploration programme.
 While blocks in Madhya Pradesh fall in the Vindhyan basin which is a category-II basin, the Bengal Purnea basin is category-III area where no exploration has happened so far.
 Pradhan said the OALP-IV will open two new basins for exploration in the country.
 Under OALP, companies are allowed to carve out areas they want to explore oil and gas in. Companies can put in an expression of interest for any area throughout the year but such interests are accumulated thrice in a year. The areas sought are then put on auction.
 The fifth cycle of submitting EoIs closed on November 30, 2019, and was followed by the sixth cycle that began on December 1, 2019, and will last till March 31, 2020.
 As much as 20,000 sq km of the area has been sought in the fifth cycle which will be put for bidding before March, Pradhan said. ANZ HRS

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ONGC, Reliance-BP bid for oil, gas blocks, foreign giants continue to stay away

PTI

Government puts 10 oil and gas exploration blocks up on bid

IANS

ONGC discovers oil and gas reserves in Mumbai offshore, calls it momentous achievement

Bhakti Makwana

Oil, gas bid deadline extended; bid rounds merged

PTI

Last date for bidding for oil, gas blocks pushed back a month to April 16

PTI

India offers 11 oil and gas blocks in 5th bid round

PTI

ONGC walks away with all 7 oil, gas blocks on offer in latest bid round

PTI