India offers 8 oil, gas blocks in OALP-7 round
India on December 16 offered eight oil and gas blocks for bidding during the Open Acreage Licensing Programme (OALP) bid round-7. The bidding will close on February 15.
In the OAPL bid round-7, about 15,766 km2 of exploration area has been offered, the Indian government said. Five blocks are onshore, two are offshore and one is in ultra-deep waters.
This round will be based on the revamped terms approved in February 2019. The government has improved the fiscal parameters for blocks that became available starting with OALP bid round-4. Under the revamped terms more importance has also been given to work programmes rather than the revenue shared with the government.