Government signs contracts for 32 hydrocarbon blocks under OALP
The government on Tuesday signed revenue-sharing contracts for 32 hydrocarbon blocks offered under the Open Acreage Licensing Policy (OALP) Rounds II and III, adding 60,000 square km to India’s exploration map. State-run Oil India has won 12 blocks under the two rounds, followed by Vedanta (10), ONGC (8) and Indian Oil Corporation (1).
Reliance Industries, along with its foreign partner BP, has also got a hydrocarbon field after a gap of 11 years, as it last won in 2008 under the New Exploration Licensing Policy. OALP is a critical part of the March 2016-launched Hydrocarbon Exploration Licensing Policy (HELP).
“More production of oil and gas in the country is the priority of the government. With these contracts, more than billions will come to India’s exploration sector,” said petroleum and steel minister Dharmendra Pradhan.
