ONGC and Vedanta emerge as biggest bidders in OALP bid round I

The Oil and Natural Gas Corporation (ONGC) and Vedanta Limited on November 15, 2017 emerged as the biggest bidders for oil and gas blocks, submitting 41 of the 56 bids received in India’s maiden auction under the Open Acreage Licensing Policy. Reportedly, ONGC put in expressions of interest (EoIs) for 41 areas while Vedanta’s oil unit, Cairn India, sought rights over 15 areas. In July 2017, India opened 2.8 million square km of sedimentary basins for oil and gas exploration in a bid to raise domestic production and cut excessive dependence on imports. The first round of bidding closed on November 15, 2017, the winners of which will be announced by January 1, 2018. In all, 56 EoIs have been received as of date.