10 bids received for 8 oil gas blocks, ONGC bid for 5 blocks

Oil and gas mining areas have been auctioned in seven rounds under the new open area licensing policy in the last five years, after which the area of ​​oil and gas exploration has increased to two lakh square kilometers.

10 bids received for 8 oil gas blocks

A total of four, including three public sector companies, have placed 10 bids for the eight oil and gas blocks put up in the latest round of bidding under the Open Area Licensing Policy (OALP) in the country. Directorate General of Hydrocarbons (DGH), one bid each has been received for six of the eight blocks. While there are two bidders for other sectors. Giving information about the bids received in the seventh round of OALP, DGH said that the public sector Oil and Natural Gas Corporation ,ONGC) has eight blocks (Oil and Gas Block) placed bids for five. While Oil India is the sole bidder for two blocks, GAIL is the sole bidder for one block in Rajasthan. ONGC is the sole bidder in the three blocks. While in two others its Sun Petrochemicals Pvt. There is competition with.

Production expected to increase as exploration area increases

Of the eight blocks introduced in the seventh round of OALP, six are spread across five states. The total area of ​​these blocks is 15,766 square kilometer. Five blocks are in terrestrial area, two in shallow water area and one block in deep water area. Even in the last round of bidding i.e. OALP, there were only three bidders. Two of these were ONGC and OIL. The third company was Sun Petrochemicals. In the last round, 21 blocks or areas were offered. In this, ONGC was the sole bidder for 16. The government is yet to announce the successful bidders for the sixth round of OALP. The government is hoping that bringing more areas under the purview of exploration and production will boost oil and gas production in the country. This will help in reducing the $90 billion oil import bill.

Emphasis on expanding oil gas exploration area

The Petroleum Minister had recently said that the size of the Indian economy is estimated to reach $ 5 trillion by 2025 and $ 10 trillion by 2030, so energy needs will also increase in the same proportion. To accomplish this, it is necessary to increase domestic production. “According to the BP Energy outlook, India’s share of global energy demand is expected to double from the current level of 6 per cent to 12 per cent by 2050. India’s growing energy demand will have a huge impact on the achievement of the Sustainable Development Goals. India, the world’s third largest oil and gas consumer, is largely dependent on imports for these energy sources. It meets 80 per cent of its oil requirement from imports, while in the case of gas it is 50 per cent. Puri said, “In order to increase the domestic production of oil and gas, it has been decided to expand the scope of the mining area. The target is to take it to five lakh square kilometers by the year 2025 and to one million square kilometers in the next five years. Oil and gas mining areas have been auctioned in seven rounds under the new open area licensing policy in the last five years, after which the area of ​​oil and gas exploration has increased to two lakh square kilometers.

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