OALP Auction

State-owned ONGC, OIL and GAIL walked away with most of the eight blocks offered for exploration and production of oil and gas in the OALP 7th bid round even as the government launched the next round

Award of these blocks is likely to be completed by the end of March 2022

The seven blocks are spread over three sedimentary basins with resource potential of approximately 33 billion barrels of oil and oil equivalents of gas

In all, 18,509.69 square kilometre of area for exploration of oil and gas has been offered in the fourth bid round of Open Acreage Licensing Policy

Agarwal's company, in fact, outbid India's largest hydrocarbon producer ONGC, in a majority of the 30 blocks they were facing head-on