On Friday, the petroleum and natural ministry had launched the sixth bid round under the liberal open acreage licensing programme (OALP). In the latest round, around 35,346 sq. km. have been offered to investors. Twenty-one blocks are on offer across 11 sedimentary basins and include 15 onland blocks, four shallow-water blocks, and two ultra-deepwater blocks, said in the statement.

India’s domestic energy production has been low. In what doesn’t bode well for the country’s energy security, India’s crude and oil and gas production fell 5.22 per cent and 8.06 per cent, respectively, in the last financial year.

“It is expected that this Bid Round VI would generate an immediate exploration work commitment of around USD 300-400 million. An area of 156,580 sq. km. has already been awarded under past bid rounds OALP Bid Rounds (I to V). This Bid Round-VI is expected to add further 35,346 sq. km, taking the total area for exploration to 191,926 sq. km. under the HELP regime,” the statement said.

The submission deadline is 6 October. The government has opened up markets to the private sector for retail outlets, implemented the discovered small fields policy, the Hydrocarbon Exploration Licensing Policy (HELP) and the Open Acreage Licensing Policy and allowed marketing and pricing freedom produced from deep and ultra-deepwater areas and coal-bed methane fields.
“In continuation of its focus on aggressive acceleration of E&P activities, the Government has now launched the OALP Bid Round-VI for International Competitive Bidding with effect from August 6, 2021,” the statement said.