New Delhi: State-run Oil & Natural Gas Corporation (ONGC) has walked away with the largest share of blocks offered under Round-IX of the Open Acreage Licensing Policy (OALP) on Tuesday. While it has secured 11 blocks on its own, the oil and gas Maharatna PSU has secured an additional four blocks as part of a consortium. Oil India Limited (OIL) has secured six block on its own and another three as part of a consortium. Among private sector companies, Vedanta has secured seven blocks, while Reliance Industries-BP combined have secured one block along with ONGC.
Under the OALP-IX round, the government had offered a total of 28 blocks, covering 1.37 lakh sq km area. Among the blocks offered, nine were onland blocks, eight were shallow water blocks and 11 were ultra-deep water blocks. The signing ceremony for Round-IX of OALP and Special Discovered Small Fields (DSF) took place in New Delhi on Tuesday.
Addressing the signing ceremony, Minister for Petroleum and Natural Gas Hardeep Singh Puri said, “We stand ready to tweak what is doable by us (policy reforms). The legislation (ORD Act) which has come into effect today is concrete proof of the fact that the government has moved a long way in accommodating the industry’s concerns.”
Stressing that the Indian hydrocarbon sector is entering a new era of accelerated exploration and development, with the government focused on increasing production by 2030, Puri said, “The exploration and production sector holds an investment potential of over USD 100 billion by 2030.”
The minister announced that the amended Oilfields (Regulation and Development) Act, 1948 (ORDA), will come into effect on Tuesday. “This landmark reform modernises India’s upstream regulatory framework and aligns it with international best practices,” said Puri.
Under Special DSF Round 2024, two blocks in the Mumbai Basin were awarded to Adani Welspun Exploration Limited (AWEL) and Hindustan Oil Exploration Company Ltd. In addition, the minister launched DSF Round-IV, comprising 55 discoveries across nine contract areas with estimated reserves of 258.59 million metric tonnes of oil equivalent (MMTOE). All blocks have undergone rigorous technical vetting by global experts, and critically, all relevant data is being made freely available to potential investors, said the Petroleum Ministry.
Under previous DSF Bid Rounds (I, II, and III), a total of 85 Revenue Sharing Contracts covering 175 fields have been awarded. Highlighting the potential in unconventional hydrocarbon sources, Puri elaborated on India’s Coal Bed Methane (CBM) assets, currently estimated at 2,600 BCM. With 15 active CBM blocks — five already under production — the government is preparing to launch a Special CBM 2025 Round to offer three new blocks (two in West Bengal and one in Gujarat).
