In massive offshore bid, India offers 26 oil and gas blocks

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New Delhi: In the offshore bidding round, India is offering 26 blocks or fields for oil and gas exploration and production, upstream regulator DGH announced on Tuesday.

In a separate phase, 16 locations are also being made available concurrently for Coal-bed Methane (CBM) prospecting.

The Directorate General of Hydrocarbons (DGH), without providing a deadline for bidding, said that “the government announces the offer of 26 blocks in an area of ​​about 2.23 lakh square kilometers for exploration and development through competitive bidding across the world.”

The Hydrocarbon Exploration and Licensing Policy (HELP), which was published on March 30, 2016, is the 2016 policy guiding the bidding round.

Since then, 134 exploration and production blocks have been allocated following the conclusion of seven bid rounds of the Open Acreage Licensing Program (OALP). These blocks are spread over 19 sedimentary basins and a total size of 2,07,691 sq km.

The eighth round with ten zones was introduced in July. It is not yet known who won that round.

If the Round-VIII blocks are successfully allocated, an additional 36,316 sq km of exploration area will be added, taking the total amount of exploration area under the OALP regime to 2,44,007 sq km.

The most recent round is referred to by DGH as the “Offshore Bidding Round under Assistance (OALP Bidding Round-IX)”. Nearly the same amount of space is being provided for exploration in OALP-IX as was bid for in the last eight rounds combined.

According to DGH, the 16 CBM blocks being offered in the special bidding round were distributed among Madhya Pradesh (4), Chhattisgarh (3), Telangana (3), Maharashtra (2), Odisha (2), Jharkhand (3) Huh. and West Bengal (4). (1 to each).

The CBM blocks are being sold on revenue share basis at par with OALP; Businesses that provide the largest share of their earnings to the government will get the block.

Blocks in low potential basins are an exception to this criterion, where work schedule, such as seismic imaging or well drilling, will be the deciding factor.

In addition to the revenue-sharing contract model, HELP offers attractive and generous terms such as low royalty, no oil cess, no revenue-sharing bidding for blocks in less promising basins, freedom in marketing and pricing, year-round bidding capability. Is. A single license to produce blocks of interest to investors, and to cover both conventional and unconventional hydrocarbon resources, among others.



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