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Vedanta, ONGC, Reliance Industries–BP and Oil India Ltd (OIL) are among the frontrunners to bag oil and gas blocks auctioned during the second and third rounds of bidding held under the Open Acreage Licensing Policy (OALP).
The other bidders in the fray are Indian Oil Corporation and Bharat PetroResources, among others, according to officials in the know.
After delaying the bid submission deadlines, the Directorate General of Hydrocarbons (DGH) has been simultaneously conducting the second and third rounds of bidding under the OALP.
There are 23 blocks spread over 12 sedimentary basins in the third round. In the second round, there are 14 blocks spread over seven sedimentary basins.
Out of the 23 blocks on offer in the third round, five are coal bed methane (CBM) blocks. The 18 oil and gas blocks are based on the expression of interest (EoI) submitted by the bidders and five CBM blocks have been carved out by the DGH. In the second round, 10 blocks are based on EoIs submitted by the bidders and four have been carved out by the DGH.
Blocks offered in this round follow the fiscal regime defined under the Hydrocarbon Exploration and Licensing Policy. This includes reduced royalty rates, zero oil cess, a uniform licensing system, marketing and pricing freedom, a revenue sharing model and exploration rights on all the retained areas for the full contract life, among others, according to the DGH.
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