The government has launched the eighth round of bidding under the Open Acreage Licensing Programme (OALP) for exploration and development of 10 oil & gas blocks as it seeks to boost domestic production and reduce import reliance.
The blocks, to be offered through an international competitive bidding, are spread across 36,316 square kilometers in nine basins, including two blocks in the Kerala Konkan basin. If successful, it would take exploration acreage and cumulative acreage under OALP to 244,007 sq. km.
“It is expected that OALP Round VIII would generate immediate exploration work commitment of around $600-700 million,” the government said.
