The central government has signed contracts with Vedanta, Oil and Natural Gas Corporation (ONGC) under India’s maiden open acreage auction, OALP-1.
Vedanta walked away with 41 out of 55 oil and gas exploration blocks offered in OALP-1 for which contracts for which were signed on 1 October 2018. Oil India won nine blocks, while Oil and Natural Gas Corpn managed to win just two. GAIL, upstream arm of Bharat Petroleum Corporation and Hindustan Oil Exploration Company (HOEC) received one block each. The second round of OALP, featuring 14 blocks, will be launched soon. We have received firm investment commitment of over Rs 5,900 crore in the 55 OALP-I blocks.