The Government of India on Tuesday announced the tenth bidding round of the Open Acreage Licensing Policy (OALP) for the exploration and production activities for oil and gas in the country.
Launched by Minister of Petroleum and Natural Gas Hardeep Singh Puri, this is the largest bid round in terms of acreage offered in a single OALP bid round under the Hydrocarbon exploration and Licensing Policy (HELP) regime.
As per the announcements made on the sidelines of the India Energy Week, this bid round will cover 25 block with an approximate area of 1,91,986.21 sq. km offered to the investor community and spread over 13 sedimentary basins.
The latest bid round is primarily an offshore one with 19 offshore blocks. Among them, around 13 blocks fall in deep water and ultra deep water. Additionally, for the tenth bidding round, a new e-bidding portal is available for transparent and secure bidding with additional features in terms of ease of doing business.
In the 4-day event, the union minister also said that energy transition is not about eliminating hydrocarbons overnight but about shifting the primacy of one energy source from another. “This transition isn't about eliminating hydrocarbons overnight but leveraging them strategically by scaling renewables to mitigate emissions,” he said.
He added that energy justice must remain at the core of the imminent transformation. “A pragmatic transition risks deepening inequality, leaving billions without reliable energy, while wealthier nations surge ahead,” said Puri.
The policy was introduced in 2017 to attract oil and gas firms for developing India’s upstream sector. The OALP provides freedom in marketing and pricing with a revenue-sharing model, along with offering reduced royalty rates.
India is one of the fastest growing economies with a surging energy demand. Addressing this need, the government launched the hydrocarbon exploration and licensing policy. Since its inception, 3.78 lakh square kilometre acreages have been offered through nine OALP bid rounds.
