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ONGC wins seven of 11 blocks, OIL the remaining four under OALP-V

OALP Round V is expected to generate exploration work commitment of $400-450 mn; the 11 blocks spread over 8 sedimentary basins include 8 on-land, two shallow-water, and one ultra-deepwater block

oil, prices, crude
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This is the second round of auctions that are happening during the current year.

Shine Jacob New Delhi
State-run Oil and Natural Gas Corporation (ONGC) has won seven out of 11 geographical areas on offer under the fifth bid round under the Open Acreage Licensing Policy (OALP). Oil India (OIL) won the remaining four blocks, upstream regulator Directorate General of Hydrocarbons said on Thursday.

OALP Round V is expected to generate immediate exploration work commitment of around $400-450 million. The 11 blocks under this round are spread across eight sedimentary basins and include eight on-land blocks (six in Category I basin and one each in Category II and III basins), two shallow-water blocks (one each in Category I

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First Published: Oct 22 2020 | 5:05 PM IST

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