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OIL wins 12 oil blocks in auction, Vedanta gets 10

ONGC team working to plug the gas leak in the rig at Bombay High while Coast Guard is on stand by.

ONGC team working to plug the gas leak in the rig at Bombay High while Coast Guard is on stand by.   | Photo Credit: PTI

Reliance-BP outbids ONGC in KG block

State-owned Oil India Ltd. (OIL) on Tuesday won 12 out of 32 oil and gas exploration blocks offered in the latest auction while Vedanta Ltd. walked away with 10 and Oil and Natural Gas Corp. (ONGC) eight.

According to the list of winners of Open Acreage Licensing Policy (OALP) Round II and III put out by the Directorate General of Hydrocarbons (DGH), Reliance Industries and its British partner BP Plc. won a KG basin gas block.

Indian Oil Corp. (IOC) also got one block.

The Reliance-BP combine outbid ONGC in one Krishna Godavari basin block in the Bay of Bengal. This is an area that ONGC had previously relinquished and is said to hold natural gas prospects.

Bidding for 14 blocks on offer in the Open Acreage Licensing Policy (OALP) round-II and another 18 oil and gas blocks and five coal-bed methane (CBM) blocks on offer in OALP-III closed on May 15.

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Printable version | Feb 20, 2020 8:37:42 PM | https://www.thehindu.com/business/oil-wins-12-oil-blocks-in-auction-vedanta-gets-10/article28264780.ece

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