OIL, Vedanta bag most blocks under OALP II, III.

Oil India Ltd. (OIL) bagged the maximum number of blocks awarded during the second and third bid rounds conducted under the Open Acreage License Policy (OALP).

Vedanta Oil and Gas came second with 10 blocks out of the 32 awarded, said a statement from the Directorate General of Hydrocarbons (DGH). ONGC was awarded eight blocks. IndianOil won one block while a consortium of Reliance Industries and BP Exploration won another.

After extending the bid submission deadlines, the DGH simultaneously conducted the second and third rounds of bidding under OALP.

The blocks awarded in these rounds follow the fiscal regime defined by the Hydrocarbon Exploration and Licensing Policy. This includes reduced royalty rates, zero oil cess, a uniform licensing system, marketing and pricing freedom, a revenue sharing model and exploration rights on all the retained areas for the full contract life, according to the DGH.

HBL