Hydrocarbon exploration auctions: ONGC may tie up with Petrobras, BP, RIL

ONGC targets full sweep of 25 blocks in country's largest exploration round

India’s largest-ever hydrocarbon exploration bidding round, offering 191,986.21 square kilometres under the Open Acreage Licensing Policy (OALP) Round X, may see renewed interest from global oil and gas majors in the country’s exploration and production (E&P) sector.

 

According to multiple sources close to the development, state-run Oil and Natural Gas Corporation (ONGC) is already in talks with Brazil’s Petrobras and London-headquartered BP Plc, in addition to domestic major Reliance Industries (RIL), to jointly bid for the round.

 

The closing date for bid submission is July 31, according to the hydrocarbon regulator Directorate General of Hydrocarbons. Sources indicate that ONGC, which