State-run Oil and Natural Gas Corporation (ONGC) has won seven out of 11 geographical areas on offer under the fifth bid round under the Open Acreage Licensing Policy (OALP). Oil India (OIL) won the remaining four blocks, upstream regulator Directorate General of Hydrocarbons said on Thursday.
OALP Round V is expected to generate immediate exploration work commitment of around $400-450 million. The 11 blocks under this round are spread across eight sedimentary basins and include eight on-land blocks (six in Category I basin and one each in Category II and III basins), two shallow-water blocks (one each in Category I and II basins), and one ultra-deepwater block (Category I basin). The current round has opened up approximately 19,800 square (sq.) kilometres (km) for investors.
