Ongc bags 15 blocks in OALP-IX, Tires with BP, Ril for Saurashtra Basin Block | Company Business News

New Delhi: The results of the ninth round of auctions for 28 hydrocarbon blocks under the center’s Open Acreage Licensing Policy (OALP) were announced on Tuesday, with the state-owned oil and natural gas corporation (Ongc) securing 15 blocks-a partnership with other players, and 11 independent, according to a official statement of the Petrolum and Natural Declaration. Oil India Limited won nine blocks, including three with ongc. And Vedanta Group’s Cairn Oil & Gas secured seven blocks. Ongc linked with Reliance Industries Ltd and the London Headquarters BP PLC for a block in the Saurashtra sink. It is certain that this is the entry of BP in India’s upstream exploration and production space (E&P). Ongc plugged three more blocks into partnership with Oil India. The OALP IX & Special DSF Signature Ceremony said the Minister of Petroleum and Natural Gas, Hardep Singh Puri, that the growing investor stake in India’s oil and gas exploration and production (E&P) ‘is a powerful evidence of India’s unwavering commitment to reduce its import dependence and ensure its energy. DSF refers to discovered small fields. India’s demand “In the next two decades, 25% of the world’s increase in energy question question will come from India. We were determined to unlock India’s unused energy potential, estimated at about 42 billion tonnes of oil and oil equivalent of gas,” he said. A statement from BP spokeswoman said: ‘We are pleased to confirm that we have signed a contract for a new exploration license under the consortium of OnGC (40%) Ril (30%) and BP (30%) for Block GS OSHP-2022/2 (Saurashtra bakkie) in the OALP IX prayers. Largest Indian conglomerate, Reliance Industries and Global Energy Major BP. Cairn Oil & Gas, a Vedanta group business, acquired seven blocks in the latest bids. It offered bid for all 28 blocks in the ninth round. Portfolio expands in a statement, Cairn said: “The allocated new blocks consist of 4 onland and 3 shallow water blocks in the hydrocarbon bins of Cambay, Saurashtra and Mumbai. With this addition, Cairn’s portfolio now expands to 69 blocks over 73,000 square meters.” During the OALP IX & Special DSF Signature Ceremony on Tuesday, the Petroleum Ministry also launched an online portal to receive public comments on the draft Petroleum and Natural gas (PNG) rules 2025. These rules aim to implement provisions under the amendment of the oil fields (regulation and development). Round-IT covered 136,596 square km over 28 blocks. It included 13,875.19 square km in Land areas, 26,648.14 square km in shallow waters, and 96.073.12 square km in ultra-deep waters. Read also | The next round of the bids for oil, gas assets in early 2025, to include areas under OALP-IS, blocks were allocated over eight sedimentary sinks, covering 1.36 lakh square km, of which 38% dropped in areas previously named ‘no-go’. In addition, two blocks were awarded under the special DSF round, with a total of 60 bids received. First published: 15 Apr 2025, 23:21 IST