Economy

OIL to go it alone in next oil/gas auction rounds

Our Bureau New Delhi | Updated on October 18, 2020

Oil India Limited (OIL) is planning to bid solo for oil and gas blocks, according to company officials in the know. This decision has been taken for bids in the upcoming sixth and seventh auction rounds under the Open Acreage Licensing Policy (OALP) for which the last date for submitting expressions of interest is November 30.

This is to be seen in the light of reports saying that sister PSU, ONGC Limited, would be jointly bidding with American energy giant ExxonMobil.

In the fifth OALP round, OIL emerged the sole bidder for four blocks. ONGC emerged the sole bidder in six of the seven blocks it bid for.

OIL has completed the the seismic acquisition in North Bank OALP Block in Assam’s Dhemaji district to become the first operator to do so .

Work on at Andamans

OIL has also begun offshore operations in Andaman Shallow Waters with the deployment of a multi-purpose seismic data acquisition vessel.

OIL plans to drill at 66 wells in OALP blocks in the next 3-4 years. The company has been awarded 21 blocks spread over Assam and Assam-Arakan basin, Rajasthan, Mahanadi Onland, and Andamans and Kerala-Konkan Offshore basins. OIL is expecting two more blocks under OALP V in Assam, which would take the acreage position of OIL in the North-East to over 20,000 sq km.

Published on October 18, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor