Economy

Timeline for sixth round of OALP extended due to Covid-19 lockdown

Our Bureau New Delhi | Updated on March 30, 2020

Representational image   -  Reuters

The timeline for the sixth bid round under the open acreage license (OALP) has been extended because of the Covid-19 lockdown.

In a notification, the Directorate General of Hydrocarbon said, “In view of the lockdown due to Covid-19 the EoI (expression of interest) cycle for OALP Round VI (ending March 31, 2020) and Round VII (ending July 31, 2020) shall stand merged. Bidding round would be launched based on EoIs received till July 31, 2020.”

Under the OALP bid rounds, companies are to identify the areas they want to explore oil and gas during the EoI rounds. These identified areas are then put up for bidding by the DGH.

In 2019, the EoI submission cycle under the OALP bid rounds was increased from two to three times in a year. The first window is from April 1 to July 31, the second from August 1 to November 30 and the third from December 1 to March 31.

The bids under OALP Round-V was launched on January 14 and bid submission closing date was April 16, 2020.

The Ministry of Petroleum and Natural Gas had signed contracts for 7 blocks, awarded under OALP Bid Round – IV in January 2020. The bidding round closed on October 31, 2019. Subsequent to evaluation, all 7 blocks were approved for award to ONGC, an official statement had said.

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Regards,

Twesh Mishra

Published on March 30, 2020

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