ONGC corners all seven blocks on offer in Open Acreage Bid Round IV; signs contract

Oil and Natural Gas Corporation Ltd (ONGC) has bagged all the blocks on offer in the Open Acreage Bid Round IV. ONGC had bid for all the seven blocks on offer while Oil India (OIL) had bid for just one block.

Speaking at a ceremony to mark the signing of contracts for these awarded blocks, Minister for Petroleum and Natural Gas Dharmendra Pradhan said, “In the last two years, with completion of four India OALP bidding rounds, 94 explorations blocks covering an area of around 1,37,000 sq km have been offered to leading exploration and production companies. Prior to 2014, around 90,000 sq km of acreage had been bid out.”

“In the next OALP round, bids for around 20,000 sq km of acreages have been received. We hope that the Directorate General of Hydrocarbon completes the bidding process before the current financial year ends,” Pradhan said.