(PTI)
State-owned Oil and Natural Gas Corporation (ONGC) on Thursday walked away with all the seven oil and gas blocks on offer in the latest bid round that saw just eight bids coming in. ONGC signed contracts for the seven blocks at an event where Oil Minister Dharmendra Pradhan and other Ministry officials were also present.
“These seven blocks are adding exploration acreage of 18,510 sq. km spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas,” he said. The latest licensing round for allowing companies to explore for oil and natural gas was held on revamped terms but saw only ONGC and Oil India Ltd. participating. ONGC put in bids for all seven blocks on offer, while Oil India put in an offer for one block at the close of bidding on October 31, 2019.
