India's Oil and Gas Bid Round Sees Major Participation

India's OALP-IX bid round attracted major players including ONGC, OIL, Vedanta, and Reliance-bp. The round, offering 28 blocks, saw substantial participation with ONGC bidding for 19 blocks. Four blocks received three bids each, while Vedanta bid for all. This initiative aims to boost India's oil and gas production.

The OALP-IX bid round, aimed at bolstering India's oil and gas sector, drew key industry participants such as ONGC, OIL, Vedanta Ltd, and the Reliance Industries-bp alliance. The round saw 28 blocks on offer, enticing substantial interest and bids.

This is the first instance where Reliance-bp jointly bid with ONGC for a block in Gujarat offshore since the inception of the bid rounds in 2017. Vedanta Ltd, owned by mining billionaire Anil Agarwal, displayed robust enthusiasm, bidding for all 28 blocks available.

The government hopes these bid rounds will enhance domestic oil and gas production and reduce the hefty USD 222 billion annual import bill, leveraging the attractive terms and marketing freedoms offered under the OALP framework.

(With inputs from agencies.)