Oil And Gas Bids

The Centre is planning to bring 560,000 sqkm under oil exploration by the end of 2024

Shares of Marathon Oil rose 9% to $28.85, while ConocoPhillips fell 3.8% to $115.10 in morning trading

Entrepreneurs bid for discovered small fields, only to find gaps between promise and experience

India on Wednesday announced the opening of the fifth oil and gas block bid round, offering 11 areas for bidding on revamped fiscal terms. So far, the government has awarded 94 blocks under the Hydrocarbon Exploration & Licensing Policy (HELP) regime in a short time span of two and a half years. These 94 blocks cover an exploratory area of about 1,36,800 square kilometers over 16 Indian Sedimentary Basins, the Directorate General of Hydrocarbons (DGH) said in a statement. "In continuation of its aggressive acceleration of exploration and production activities and adhering to the prescribed timelines, the Government has now launched the Bid Round-V for International Competitive Bidding," it said. "In this bid round 11 blocks, with an area of approximately 19,800 sq km are on offer for bidding to the investor community." The last bid round saw just eight bids coming in for seven blocks on offer. According to the DGH, seven onland blocks were offered in the fourth round of Open ...

The sources said potential bidders sought more time to evaluate the terms of the offer and so the bidding deadline was pushed back to November 15

Other companies who were successful during the round included Indraprastha Gas (three), Torrent Gas (three), Adani Gas (two) and Bharat Gas (two)

Five PSUs, 28 private companies and six foreign players enter fray; ONGC, Oil India, Sun Petro among other major contenders

India in July opened 2.8 million sq km of sedimentary basins for oil and gas exploration in a bid to raise domestic production and cut excessive dependence on imports