Govt offers eight hydrocarbon blocks in OALP-7 auctions

The Union government on Friday launched the seventh round of Open Acreage Licensing Programme (OALP) auctions, offering eight blocks spread across approximately 15,766 sq km. The blocks offered in the latest round include five on land, two shallow water and one ultra-deep water block.

This will be the fourth round of OALP auctions after the Cabinet, in February 2019, amended the revenue-sharing model for hydrocarbon exploration and capped the government’s revenue share at 50%. The deadline for bid submission is February 15, 2022.