Response to OALP round-one bidding encouraging: Official

The round one of bidding for the 55-odd blocks under the Open Acreage Licensing Policy (OALP) of the Ministry of Petroleum and Natural Gas got encouraging response from investors, a senior official said today.
At a workshop attended by representatives of prominent exploration and production (E&P) companies here, deputy director general, Directorate General of Hydrocarbons, Mahendra Pratap said out of the 55 blocks spread across 11 states, 19 were located in the north-eastern region.
He said E&P companies would again get a chance to participate in round two of bidding for Discovered Small Fields (DSF), where 60 such fields having an estimated volume of over 1.4 billion barrels of oil and oil equivalent are likely to be offered.

DSF would provide opportunity to new players to enter the E&P sector, and work on revenue sharing basis with no entry barriers and low risk, Pratap added.