Govt launches tenth round of bidding for oil & gas blocks
1 month, 2 weeks ago

Govt launches tenth round of bidding for oil & gas blocks

Live Mint  

The Union ministry of petroleum and natural gas on Tuesday launched the tenth round of bidding for oil and gas exploration & production under the Open Acreage Licensing Policy. With 25 blocks on offer across 1.91 lakh square kilometres, this is the largest bid round in terms of acreage offered in a single bid round under the Hydrocarbon Exploration and Licensing Policy. Addressing the inaugural session of the third edition of IEW, prime minister Narendra Modi invited global players to invest in India's oil and gas sector, highlighting that the share of gas in India's energy basket is set to increase further. Modi said that recent reforms, including the Oilfields Amendment Bill, will facilitate the exploration of oil and gas resources in the maritime sector, increase production, and maintain strategic petroleum reserves.

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History of this topic

AMMK opposes bidding for gas exploration in Gulf of Mannar
3 weeks, 6 days ago

AMMK opposes bidding for gas exploration in Gulf of Mannar

The Hindu  

Amma Makkal Munnetra Kazhagam founder T.T.V. Dhinakaran on Thursday demanded that the Central government drop the proposed bidding for gas exploration launched by the Union Ministry of Petroleum and Natural Gas for a block in the Gulf of Mannar along the coast of southern Tamil Nadu. The Union Ministry had earlier this month launched the tenth round of bidding for …

Oilfield amendment bill to provide policy stability: Puri
4 months, 1 week ago

Oilfield amendment bill to provide policy stability: Puri

Live Mint  

Greater Noida, Nov 15 A bill to amend the existing law governing exploration and production of oil and gas will provide policy stability to investors as also promote ease of doing business, Oil Minister Hardeep Singh Puri said on Friday. The bill "aims to ensure policy stability for oil and gas producers and allow international arbitration and extend lease period" …

ONGC signs deal with ExxonMobil for deepsea exploration in India
2 years, 7 months ago

ONGC signs deal with ExxonMobil for deepsea exploration in India

Firstpost  

New Delhi, Aug 17 State-owned Oil and Natural Gas Corporation on Wednesday signed a Heads of Agreement with global oil giant ExxonMobil Corp for exploration of oil and gas in the deepsea on the country’s east and west coasts. “Collaboration between ONGC and ExxonMobil will be a strategic fit where ONGC’s knowledge and past experience in these areas will be …

India offers 8 oil, gas blocks for bidding in latest round
3 years, 3 months ago

India offers 8 oil, gas blocks for bidding in latest round

The Hindu  

India has offered 8 oil and gas blocks, mostly in Assam, for bidding in the latest bid round with a view to bringing more area under exploration, so as to increase domestic production and reduce imports. Eight blocks have been offered in the seventh bid round of Open Acreage Licensing Policy, with bids due on February 15, the Directorate General …

Govt increases oil, gas bidding round to three times a year
5 years, 7 months ago

Govt increases oil, gas bidding round to three times a year

India TV News  

Delays in bidding rounds notwithstanding, the government has increased the expression of interest submission cycle for oil and gas acreage to three times a year from two times earlier, the Directorate General of Hydrocarbons said. "In view of recent policy reforms and changes aligned to promote 'Ease of Doing Business', the EoI submission cycle is increased from two, to three …

Overhauled oil policy to apply from 4th bid round; move aims at wooing private, foreign investments: DGH
5 years, 11 months ago

Overhauled oil policy to apply from 4th bid round; move aims at wooing private, foreign investments: DGH

Firstpost  

Under OALP, companies are allowed to put in an expression of interest for prospecting of oil and gas in any area that is presently not under any production or exploration licence. New Delhi: The overhauled oil and gas exploration licensing policy will be implemented from the 4th bid round, likely sometime in June or July, the Directorate General of Hydrocarbons …

Govt to offer special incentives to ONGC, OIL for natural gas discoveries in unviable areas, to raise output
6 years, 1 month ago

Govt to offer special incentives to ONGC, OIL for natural gas discoveries in unviable areas, to raise output

Firstpost  

State-owned Oil and Natural Gas Corp and Oil India Ltd have not been able to develop the discoveries Greater Noida : The government plan to offer public sector units special incentives for natural gas discoveries in difficult and unviable areas will help raise India’s natural gas production as it will unlock output in a dozen fields of state-owned ONGC and …

Govt move to unlock ONGC, OIL gas
6 years, 1 month ago

Govt move to unlock ONGC, OIL gas

Deccan Chronicle  

Greater Noida: The government plan to offer PSUs special incentives for natural gas discoveries in difficult and unviable areas will help raise India's natural gas production as it will unlock output in a dozen fields of state-owned ONGC and OIL, officials said Sunday. Oil India Ltd has an onland discovery in the Krishna Godavari basin in Andhra Pradesh with over …

India launches third round of oil and gas blocks for exploration
6 years, 1 month ago

India launches third round of oil and gas blocks for exploration

Deccan Chronicle  

New Delhi: India on Sunday launched the third bidding round under its open acreage licensing policy, according to a government statement. Total exploration acreage is expected to more than triple to 300,000 square kilometres in two years ending 2019, the statement read. Prime Minister Narendra Modi has set a target to cut India’s dependence on foreign oil to 67 percent …

Govt expects about Rs 40,000 cr investment in OALP-II bid round; 14 blocks put up for auction: Oil minister
6 years, 2 months ago

Govt expects about Rs 40,000 cr investment in OALP-II bid round; 14 blocks put up for auction: Oil minister

Firstpost  

India had in July 2017 allowed companies to carve out blocks of their choice with a view to bringing about 2.8 million sq km of unexplored area in the country under exploration. New Delhi: The government is expecting about Rs 40,000 crore of investment in the 14 blocks it put up on auction for prospecting of oil and gas in …

India invites bids for strategic oil reserve
6 years, 5 months ago

India invites bids for strategic oil reserve

Live Mint  

New Delhi: India will have oil reserves equivalent to at least 87 days of net imports, once the second phase of Indian Strategic Petroleum Reserves, which aims to add 12 days of crude storage, is operational. “Creating storage facilities is an important part of India’s energy security efforts,” said petroleum minister Dharmendra Pradhan at the launch of the road show …

Vedanta bags 41 oil, gas blocks in maiden open acreage auction
6 years, 6 months ago

Vedanta bags 41 oil, gas blocks in maiden open acreage auction

Live Mint  

New Delhi: Anil Agarwal-led Vedanta Ltd has bagged 41 out of 55 oil and gas exploration blocks offered in India’s maiden open acreage auction, the Directorate General of Hydrocarbons said on Tuesday. State-owned Oil India Ltd won nine blocks, while Oil and Natural Gas Corp managed to win just two. State gas utility GAIL, upstream arm of Bharat Petroleum Corp …

Anil Agarwal-led Vedanta set to bag 40 oil blocks in country's maiden open acreage auction
6 years, 7 months ago

Anil Agarwal-led Vedanta set to bag 40 oil blocks in country's maiden open acreage auction

Firstpost  

Increased exploration would lead to more oil and gas production, helping the government to cut import dependence. New Delhi: Anil Agarwal-led Vedanta Ltd is likely to bag as many as 40 oil and gas exploration blocks in India’s maiden open acreage auction, official sources said on Tuesday. The Union Cabinet had in April delegated its power to ministers of finance …

Govt’s new single-licence, free-pricing gas policy took long in coming, but just might revive the sector
9 years ago

Govt’s new single-licence, free-pricing gas policy took long in coming, but just might revive the sector

Firstpost  

By Shantanu Guha Ray The government’s new Hydrocarbon Exploration Licensing Policy that brings in a single-licence, revenue sharing formula - replacing the existing multiple-licence, profit-sharing arrangement hated by companies - could change the face of India’s energy sector because investors wary over pricing issues are - finally - feeling a bit relieved. The speakers, BP Plc.’s chief executive officer Bob …

India Unveils New Licensing, Pricing Norms for Hydrocarbons
9 years ago

India Unveils New Licensing, Pricing Norms for Hydrocarbons

The Quint  

Taking up some long-pending issues in the oil and gas space, India on Thursday approved a new policy for their exploration, while also defining the norms for pricing of existing and new discoveries made in difficult areas. Briefing reporters on the decisions taken at a meeting of the cabinet, presided over by Prime Minister Narendra Modi, the petroleum minister said …

9 Oil, gas blocks auction under NELP-10 by fiscal end: Dharmendra Pradhan- India TV News
9 years, 8 months ago

9 Oil, gas blocks auction under NELP-10 by fiscal end: Dharmendra Pradhan- India TV News

India TV News  

New Delhi: The petroleum ministry will launch the tenth round of bidding for oil and gas production contracts under the New Exploration and Licensing Policy by the end of fiscal 2015-16, Petroleum Minister Dharmendra Pradhan said on Wednesday. Addressing the India Oil and Gas Summit here, he said that in this regard, the ministry is examining the Open Acreage Licensing …

10th round of oil and gas block auction in January: Moily
11 years, 4 months ago

10th round of oil and gas block auction in January: Moily

The Hindu  

After more than a two-year hiatus, India will launch auction of oil and gas blocks in January as it looks to attract foreign investors to boost domestic production. The offering of exploration blocks under NELP-X is likely to take place in the month of January, 2014,” Oil Minister M. Veerappa Moily said at KPMG Energy Conclave in New Delhi. Under …

10th round of oil and gas block auction in January, says Veerappa Moily
11 years, 4 months ago

10th round of oil and gas block auction in January, says Veerappa Moily

Firstpost  

After more than a two-year hiatus, India will launch auction of oil and gas blocks in January as it looks to attract foreign investors to boost domestic production. New Delhi: After more than a two-year hiatus, India will launch auction of oil and gas blocks in January as it looks to attract foreign investors to boost domestic production. The offering …

Govt approves OVL-OIL buying 20% stake in gas field
11 years, 5 months ago

Govt approves OVL-OIL buying 20% stake in gas field

The Hindu  

The government has approved ONGC Videsh Ltd and its partner Oil India Ltd acquiring a total of 20 per cent stake in a giant offshore gas field in Mozambique for over USD 5 billion. OVL, the overseas arm of state-owned Oil and Natural Gas Corp, and OIL have been permitted by buy Videocon Group’s 10 per cent interest in the …

Contracts signed for only 13 out of 33 blocks
12 years, 11 months ago

Contracts signed for only 13 out of 33 blocks

Live Mint  

New Delhi: India’s ninth round of auctions of hydrocarbon exploration blocks turned out to be a low-key affair, with rights to explore only 13 blocks of 33 on offer awarded on Wednesday. Explaining the rationale for withdrawing 11 blocks, petroleum minister S. Jaipal Reddy said, “Profit petroleum offered was less than 15%, so they were rejected.” Firms bidding for oil …

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