(ET)
Oil Minister Dharmendra Pradhan officially launched the third round of India’s mega oil and gas auctions held under new Open Acreage Licensing Policy (OALP) at Petrotech 2019. Pradhan along with Oil Ministry’s secretary and Director General of Directorate General of Hydrocarbons (DGH) announced the bid round open with launch of Notice Inviting Offer (NIO) and Model Revenue Sharing Contract for OALP Bid Round III. Under OALP III 23 blocks spread across 12 sedimentary basin are on offer including; 19 on-land blocks (including 5 Coal Bed Methane blocks), three shallow water blocks and one deep-water block. According to the oil ministry, the bidders would be able to submit their bids through an online e-bidding portal starting 11 February 2019 up to 10th April 2019.
