The Indian Ministry of Petroleum and Natural Gas has launched the Open Acreage Licensing Programme (OALP) Bid Round VI, offering 21 blocks, with an area of approximately 35,300 km2, to investors. The blocks are located across 11 sedimentary basins and comprises 15 onshore blocks, 4 shallow water blocks and two ultra deep water blocks. The country expects to generate US$300-400m of immediate exploration work commitment. Under the previous OALP Bid Round I, II, III, IV, and V, India awarded 105 blocks, including 51 to Vedanta, 25 to Oil India and 24 to ONGC. The country attracted committed investment of US$2.4bn.
In February 2019, India passed the Hydrocarbon Exploration & Licensing Policy (HELP), which adopts the Revenue Sharing Contract model. The policy also includes terms like reduced royalty rates, no Oil Cess, marketing and pricing freedom, round the year bidding, freedom to investors for carving out blocks of their interest, a single license to cover both conventional and unconventional hydrocarbon resources, exploration permission during the entire contract period, and an easy, transparent and swift bidding and awarding process.
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