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India: Sixth Bid Round under OALP Extended Amid COVID-19 Lockdown

The timeline for the sixth bid round under the Open Acreage Licensing Policy (OALP) has been extended due to COVID-19 lockdown.

 

The expression of interest (EoI) cycle for OALP Round-VI, ending on 31 March 2020 and Round-VII, ending 31 July 2020 will stand merged.

 

Under the OALP Bids rounds, companies are to identify areas they want to explore oil and gas during the EoI rounds. These identified areas are then put up for bidding by the Directorate General of Hydrocarbon (DGH).

 

In 2019, the EoI submission cycle under the OALP bid rounds was increased from two to three times in a year.

 

The bids under OALP Round-V were launched on 14 January 2020 and bid submission closing date was 16 April 2020.

 

The Ministry of Petroleum and Natural Gas had inked the contracts for seven blocks, awarded under OALP Bid Round-IV in January 2020. The bidding round closed on 31 October 2019. Subsequent to evaluation, all seven blocks were approved for award to ONGC.

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