ONGC leads with highest blocks awarded, Vedanta secures seven; Reliance BP ONGC Trio makes a powerful debut in OALP-IX
New Delhi — A massive bidding activity was witnessed in Open Acreage Licensing Policy (OALP-IX), with a first of its kind Reliance Industries/ BP/ ONGC collaboration turning out well. Successfully securing one offshore oil block in Gujarat through Reliance BP ONGC cooperation made its debut off well for the newly minted entity from the three giga dollar IAMGOLD former shareholders.
ONGC emerges the biggest winner in OALP IX bid results & bagged a total 15 oil blocks ONGC argued about predominantly as it had 11 blocks coming independent among the ones it won and other four which were sealed in JV with private players. This recent victory is a clear testimony to ONGC staying true to its promise of increasing recoverable domestic oil & gas from the increasing production, reducing import dependence. These ONGC oil blocks are located in a number of exploration basins.
Also check:- Anil Ambani’s Reliance Power Soars 20% in a Month: Is This the Start of a Major Comeback?
Vedanta also cornered several mangos with a large pent for seven oil blocks in this auction. Vedanta that we seriously bid for all 28 offering hoped to develop the whole block and target these area for hydrocarbon appraisals. The ONGC oil blocks added to the existing oil and gas, already held by Vedanta.
A major achievement of this round is by the trio of Reliance-BP-ONGC in securing Gujarat offshore oil block (GS-OSHP-2022/2) by bringing together the experience of India’s largest national oil/gas company ONGC, largest Indian conglomerate(i.e. Reliance industries) and 1 is a major global energy player(BP) to strengthen all three explore production strengths.
Though there was a recent gas migration dispute between Reliance-BP and ONGC for about $2.81 billion this successful bid by the Reliance-BP-ONGC alliance again underscores the importance of this Gujarat offshore block. Analysts say this kind of collaboration, multiplying the range of expertise among these energy giants is essential to unlocking India’s hydrocarbon potential and enhancing energy security. The government has also initiated the OALP-X round, inviting bids for another 25 basins in a clear statement by New Delhi to keep pushing domestic exploration and production.
