ONGC bags 7 Blocks in Bid Round IV of OALP
Dated : 03 January 2020 02:30:00 PM
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) Mr R K Srivastava and Director General of Hydrocarbon (DGH) Mr S C L Das signed the contract, amid the presence of Petroleum Minister Mr Dharmendra Pradhan, ONGC CMD Mr Shashi Shanker, Director (Finance) Mr Subhash Kumar, Director (Offshore) Mr Rajesh Kakkar, Director (Onshore) Mr 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 Mr Amar Nath and Additional Secretary Mr Rajiv Bansal.
Director (Exploration) RK Srivastava signing the OALP contract
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.
ONGC CMD and Directors receiving the signed contract from Petroleum Minister and MoPNG officials
Addressing the gathering at the ceremony, Mr Dharmendra Pradhan said that the signing of the contract through OALP aims at securing the energy security of the country. The Petroleum Minister said that energy major like ONGC, with its modern technologies and digitalization, will make the best out of all the seven blocks offered.
Mr Pradhan noted that in the last two fiscal years, the government has successfully bid out 140,000 sq km for exploration and production and has made multiple policy reforms. “As many as 55 Blocks were awarded in the first round of OALP and 32 blocks each in the second and third round,” he said.
Dharmendra Pradhan addressing the gathering at the signing ceremony
He further stated that the government intends to focus on production maximization than revenue optimization. He asserted that in the year 2020 the country will take a new leap in ensuring energy security for all.
Earlier in his welcome address, DGH Mr SCL Das said that the OALP biddings aim at facilitating the E&P sector towards the national vision of energy security. He mentioned that in the present time there is a critical requirement of hydrocarbon in meeting the growing energy requirement in the country. He further said that the Oil and Gas industries are the major factor in the growth of the Indian economy and Petroleum and Natural Gas contribute significantly to the country’s GDP.