Sunday 19 May 2019
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business-standard - 3 days ago

Reliance-BP makes 1st bid for oil Vedanta bids for 30, ONGC 20, OIL 16

Reliance Industries and its British partner BP plc have made their first bid for an oil and gas exploration acreage in over eight years by bidding for one of the 32 blocks up for auction in latest licensing round that saw mining major Vedanta putting in as many as 30 bids while state-owned ONGC vying for 20. Bidding for 14 blocks on offer in the Open Acreage Licensing Policy (OALP) round-II and another 18 oil and gas blocks and 5 coal-bed methane (CBM) blocks on offer in OALP-III closed on Wednesday. Official sources said Vedanta, which had walked away with 41 out of the 55 blocks offered in OALP-I last year, bid for 30 areas. Oil and Natural Gas Corp (ONGC) bid for 20 blocks while Oil India Ltd (OIL) bid for 16. Indian Oil Corp (IOC), GAIL (India) and SunPetro bid for two blocks each, they said. RIL-BP made an offer for one block in the Krishna Godavari basin. This is the first time that BP is bidding for an exploration acreage in the country. It had entered the country buying 30 per

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