(PTI)
State-owned ONGC and Vedanta Ltd today emerged as the biggest bidders for oil and gas blocks as they put in 41 out of 57 bids in India’s maiden open acreage licensing regime auction that was shunned by several major global and domestic players.
Oil and Natural Gas Corp (ONGC) put in expression of interest to explore for oil and gas in 41 areas while Vedanta’s oil unit, Cairn India, sought rights over 15 areas, sources privy to the development .State-owned Oil India Ltd (OIL) was the other main bidder, while private player Hindustan Oil Exploration Co (HOEC) bid for one area in a round that saw none of the big companies putting in EoI.
India in July opened 2.8 million sq km of sedimentary basins for oil and gas exploration under the Open Acreage Licensing (OAL) regime in a bid to raise domestic production and cut excessive dependence on imports.
