The government of India is offering eight upstream blocks in its latest licensing round as it seeks to boost domestic production and reduce its reliance on imports.
The eight blocks, part of the seventh round under the Open Acreage Licensing Programme (OALP), cover six sedimentary basins and includes five onshore, two shallow-water and one ultra-deepwater block. A total of 15,766 sq km of acreage is being offered to investors under a revenue-sharing model that guarantees marketing and pricing freedom.
The Ministry of Petroleum and Natural Gas hopes the latest round will generate an immediate exploration work commitment of between $300 million and $400 million.
Bids are due by 15 February 2022 and awards expected by the end of March 2022.
India is the world’s third-biggest energy consumer and imports nearly 84% of its crude oil needs.
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