ONGC DOMINATES 9TH OIL, GAS BLOCK AUCTION. SECURES 7 OF 10 AREAS

ONGC dominates, securing seven areas, while a consortium led by Reliance Industries and BP claims one each in the ninth round of OALP, marking a significant move towards energy self-sufficiency with 28 blocks offered for exploration

In a resounding display of dominance, the stateowned Oil and Natural Gas Corporation (ONGC) secured seven out of the ten areas up for exploration in the ninth round of the Open Acreage Licensing Policy (OALP IX). Simultaneously, a consortium comprising Reliance Industries Ltd, BP Plc, Oil India Limited, and Sun Petrochemicals Pvt Ltd clinched one area each, leaving a palpable mark on the landscape of India's oil and gas exploration and production (E&P) sector.

The bidding process, conducted by the Centre, unfolded with high stakes as 28 blocks, covering a substantial area of approximately 136,000 square km, were made available for exploration and production ventures. This latest round, under the Open Acreage Licensing Policy, aimed to further stimulate investments and propel the nation towards self-sufficiency in the energy sector.

ONGC's success in securing seven out of the ten areas is a testament to its robust capabilities and strategic vision in the realm of oil and gas exploration. The company, being a key player in India's energy landscape, has consistently demonstrated its commitment to the nation's energy security.

The areas acquired by ONGC in this bidding round are strategically positioned, potentially harbouring significant hydrocarbon reserves. This successful venture will not only contribute to the company's bottom line but also bolster India's domestic oil and gas production capacity. ONGC's prowess in exploration and production is backed by years of experience, cutting-edge technology, and a dedicated workforce. The company's track record in efficiently extracting hydrocarbons from challenging terrains positions it as a linchpin in India's pursuit of energy self-sufficiency.