NEW DELHI: All oil and gas exploration blocks that went under the hammer in the fifth round of bidding were picked up by state-owned ONGC and Oil India Ltd (OIL). According to officials, the 11 blocks which were offered under the latest round have the potential to produce around $400-450 million (Rs 3,000-3,300 crore).
Oil sector regulator Directorate General of Hydrocarbons (DGH) said in a notice on Thursday that the bidding round under India’s Open Acreage Licensing Policy (OLAP) had seen ONGC winning seven blocks, while the remaining four went to OIL. The only private bidder who participated in the round-Invenire Petrodyne-did not win the bid it made for a single block, which ONGC won.
