An offshore drilling platform
An offshore drilling platformFile photo

Ministry of Petroleum and Natural Gas launches Open Acreage Licensing Programme Bid Round VIII

New Delhi, July 8, 2022

The Government on Thursday launched the eighth round of the Open Acreage Licensing Programme (OALP), offering ten blocks for international competitive bidding, as part of the Hydrocarbon Exploration and Licensing Policy (HELP).

HELP was promulgated on March 30, 2016 and since then seven rounds of OALP have already been concluded and 134 exploration and production (E&P) blocks awarded, comprising 2,07,691 sq km of area spread across 19 sedimentary basins.

Bids for Round VIII can be submitted through a dedicated online e-bidding portal till 1200 hours on September 6, 2022, a press release from the Ministry of Petroleum & Natural Gas (MoPNG) said.

Successful award of Round VIII Blocks would add a further 36,316 sq km of exploration acreage and cumulative exploration acreage under the OALP regime would increase to 2,44,007 sq km, it said.

The ten blocks under the present bid round are spread across nine sedimentary basins and include two onland blocks, four shallow water blocks,two deep water blocks and two ultra-deep water blocks.

"It is expected that OALP Round VIII would generate immediate exploration work commitment of around US$ 600-700 million," the release said.

According to it, HELP, which adopts the Revenue Sharing Contract model, is a giant step towards improving the Ease of Doing Business in the Indian E&P sector.

It comes with attractive and liberal terms like 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.

The XIIIth Window for submission of Expression of Interest (EoI) is currently open till July 31, 2022, the release added.

NNN

Related Stories

No stories found.

Latest Stories

No stories found.

Trending Stories

No stories found.
NetIndian
www.netindian.in