Tuesday, 26 May 2020

ONGC bags 7 Blocks in Bid Round IV of OALP

Updated: January 23, 2020 11:46 am

ONGC started the year 2020 on high notes, bagging all seven Oil and Gas Blocks offered in the fourth bid of the Open Acreage Licensing Policy (OALP) of the Ministry of Petroleum and Natural Gas (MoPNG). The contract signing ceremony of was held on 2 January 2020. Director (Exploration) R K Srivastava and Director General of Hydrocarbon (DGH) S C L Das signed the contract, amid the presence of Petroleum Minister Mr Dharmendra Pradhan, ONGC CMD Shashi Shanker, Director (Finance) Subhash Kumar, Director (Offshore) Rajesh Kakkar, Director (Onshore) Sanjay Kumar Moitra, Director (HR) Dr Alka Mittal and Head Excom Sanjay Chawla. Also present at the ceremony were MoPNG Secretary Dr M M Kutty, Joint Secretary Amar Nath and Additional Secretary Rajiv Bansal. The fourth round of the

OALP biddings opened on 27 August 2019, and the signing ceremony was the culmination of the process with revised policy framework. In the latest bid, 18,510 sq Km was offered to ONGC for exploration and production. Of the seven blocks, five are located in Madhya Pradesh and one block each  in Rajasthan and West Bengal.  The Blocks in Madhya Pradesh  fall under the Vindhya Basin – which  is a Category II Basin and the Block  in the Bengal Purnea Basin fall  under Category III – which is not yet being explored.

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