RIL-BP wins first block under OALP rounds, Oil India, Vedanta bag the most

Govt likely to clear allotment of blocks to successful bidders this week; The two rounds were initially estimated to attract investment worth Rs 80,000-90,000 cr

Global major BP Plc and its partner Reliance Industries (RIL) have jointly emerged as the winner of a block in the fresh round of auction under the Open Acreage Licensing Policy (OALP).

This marks the re-entry of RIL into domestic exploration and production after it stopped bidding for acreages in India.

The block BP and RIL have won is said to be on the east coast.RIL last won a block during the seventh round of auction under the New Exploration Licensing Policy in 2008. At present, RIL is operating in four blocks in India.

According to multiple sources, state-run Oil