The Business Bytes
TBB BUREAU
NEW DELHI, JUNE 05, 2023
With Government of India’s focus to accelerate E&P activities across the Country, the Ministry pf Petroleum & Natural Gas (MoP&NG) recently launched Open Acreage Licensing Programme (OALP) Bid Round-VIII, offering 10 blocks, for International Competitive Bidding.
For ensuring ease to bidders, the bids can now be submitted through a dedicated online e-bidding portal till 12 hours, by July 5, 2023.
Award of OALP Round-VIII Blocks will further add 34,364.53 sq. km. of acreage and take the cumulative exploration acreage under OALP to 242,055 sq. km.
Hydrocarbon Exploration and Licensing Policy (HELP) was promulgated on 30 March 2016. Since then seven rounds of OALP have been successfully concluded and 134 E&P blocks have been awarded comprising an area of 2,07,691sq.km.spread across 19 sedimentary basins.
Government of India has taken some far-reaching decisions on reducing ‘No-Go’ areas in the Indian off shore by 99%. In this context, and with a view to accelerate E&P activities, enhance the ease of doing business and promote fresh investments in the E&P sector, the Government has recently effected significant changes in the contractual framework and incentive structure.
