ONGC, Vedanta to win 9 oil & gas blocks each

Oil and Natural Gas Corp (ONGC) and Vedanta Ltd are set to win nine oil and gas blocks each in the latest auction while Reliance Industries and its British partner BP Plc is set to retain a block that contains gas discoveries they had previously made.

As per the bid evaluation, ONGC and Vedanta Ltd are top bidders in nine blocks each and state-owned Oil India Ltd (OIL) in 12 areas. Reliance-BP combine outbid ONGC in one Krishna Godavari basin block in the Bay of Bengal.

Reliance-BP had made their first bid in eight years when they sought an area that contained natural gas discoveries

Reliance-BP managed to get the coveted KG block in the latest auction by a small margin that possibly came from the originator marks and a commitment to do a shale core exploration.

Reliance-BP had last jointly bid for a KG deep water block in the 8th bid round under previous licensing policy in 2008. They, however, gave up the block after not finding any commercially exploitable oil and gas reserves.

Vedanta, which had walked away with 41 out of the 55 blocks offered in OALP-I last year, bid for 30 areas.