Poor response to oil auction
The fourth round of auction for oil and gas blocks saw only two PSUs — ONGC and Oil India Limited — submitting bids for seven fields.
Oil and Natural Gas Corporation (ONGC) bagged all the seven oil and gas blocks on offer, including one in Bengal that saw just eight bids. The PSU has signed the contracts for the seven blocks auctioned under the Open Acreage Licensing Policy (OALP).
The latest licensing round was held on revamped terms. ONGC had put in bids for seven blocks, while Oil India had put in an offer for one block at the close of bidding on October 31, 2019.
