New Delhi: Terming the current times in India’s oil and gas exploration history as the era of “collaboration,” the Additional Director-General of the Directorate General of Hydrocarbons (DGH), Dr Kaustav Nag, said on Wednesday that the government is hoping to evince interest from foreign players in Indian sedimentary basins after the Oilfields (Regulation and Development) Amendment Bill, 2024 is passed by Lok Sabha. Speaking at a panel discussion at India Energy Week 2025, Dr Nag said that the government’s decision to open up no-go areas for exploration is the first step towards expanding the exploration of Indian sedimentary basins, which could possibly lead to new discoveries.
“After the ORD Amendment (Bill) is passed (by Lok Sabha), we are hoping that we will see a lot of interest from foreign players in exploring Indian sedimentary basins. It’s time for collaboration,” said Dr Nag.
The statement comes a day after India launched the largest bid round in terms of acreage offered in a single Open Acreage Licensing Policy (OALP) bid round. The round-X puts 25 blocks on offer across 13 sedimentary basins, including 19 offshore blocks. The blocks are cumulatively spread over an area of 1.91 lakh sq km. This round is also the largest offshore block bid round with 19 offshore blocks on offer, covering an area of 1,75,115 sq km.
India’s domestic oil production has been on the decline for about a decade now as the fields that contribute the lion’s share of crude oil production, like Oil & Natural Gas Corporation’s (ONGC) Mumbai High, have matured. For India to increase its domestic production substantially, it will need new discoveries, even as public sector oil majors attempt to enhance recovery from mature oil fields. Therefore, the country is keen on attracting new players into the exploration and production segment.
The Round-X of OALP regime is the first round of auction to come after the ORDA Bill, 2024 was introduced in Lok Sabha. The bill has already been passed by Rajya Sabha in December 2024. The amendment separates petroleum lease from mining lease and strives to offer leases on stable terms. It also introduces a simpler business regime and streamlines clearances.
The Round-X of OALP oil block auction comes over a year after OALP IX bidding opened in January 2024. The government has so far received limited interest from private players under the OALP regime, with PSUs bagging most of the blocks.
