ONGC to spend $400 milllion over four years to develop blocks awarded under OALP

Oil and Natural Gas Corporation (ONGC) will be investing close to $400 milllion in the next four years to develop the blocks it has won under the Open Acreage License Programme (OALP) bid rounds.

ONGC has been awarded five blocks including operatorship in two blocks, under OALP Round-1. In the second and third rounds, ONGC has been awarded eight blocks.

“We have started the seismic survey on the blocks acquired under OALP I,II and III. This will be costing around 3 to 4 per cent of the total exploration spend of these blocks. This will be followed by exploratory drilling. In all, we intend to spend close to $400 million to develop these blocks,” an ONGC official told BusinessLine.