India's Mega Oil and Gas Bid: 21 Blocks up for Grabs

India is gearing up for a significant offering in the oil and natural gas sector, as it proposes 21 new blocks for exploration in its upcoming bidding round under the Open Acreage Licensing Policy (OALP). The Directorate General of Hydrocarbons (DGH) has announced this initiative.

The 21 proposed blocks include 12 onland areas, four shallow water blocks, one deepsea block, and four ultra-deepsea blocks. The total area for bidding spans approximately 80,235 square kilometers, marking a substantial opportunity for bidders.

As the industry anticipates the DGH's announcement of bid submission dates, the focus remains on the high-stakes selection criteria. Bidders must offer the highest revenue share and submit a comprehensive work programme to land blocks in Category-I sedimentary basins.