Reliance Industries Ltd., global energy giant bp Plc., and Oil and Natural Gas Corporation (ONGC) teamed up to win a Gujarat offshore oil block during the latest bid round. The government awarded this block, part of the ninth bid round of the Open Acreage Licensing Policy (OALP-IX), to the Reliance-BP-ONGC consortium, marking a significant moment for the three companies in the oil and gas sector.
ONGC Dominates the Offshore Block Auction
ONGC emerged as the largest winner in the OALP-IX bid round, securing a total of 15 blocks. Out of these, ONGC won 11 blocks solely. It partnered with other companies, including Reliance and BP, to win the remaining four blocks. Vedanta Ltd. had a strong showing, securing seven blocks. Oil India Ltd. won six blocks on its own and three in a joint venture with ONGC.
A Competitive Bid Round
The OALP-IX auction offered 28 blocks covering an area of 1.36 lakh square kilometers for exploration and production of oil and gas. Companies determined the auction’s outcome through their highest revenue share commitments and work program proposals. This competitive bidding process highlights the growing interest in exploration and production in India’s oil and gas sector.
Historic Collaboration Signals Growth in Offshore Exploration
The partnership between Reliance, BP, and ONGC in the Gujarat offshore block marks a strategic shift. It reflects changes in India’s oil and gas exploration landscape. Ndtvprofit.com reports that this collaboration between the major players marks a positive step. It aims to enhance offshore exploration and strengthen India’s energy security.
