Shares of Oil and Pure Fuel Company Restricted (ONGC) have been buying and selling within the inexperienced and virtually 2% greater on Wednesday, 16 April, after the corporate was awarded 11 blocks underneath the ninth bidding spherical of the Open Acreage Licencing Coverage (OALP).
Within the newest OALP-IX (Open Acreage Licensing Coverage) spherical, the federal government supplied 28 exploration blocks unfold throughout an unlimited 1.37 lakh sq km space. These included 9 onland blocks, eight in shallow waters, and 11 in ultra-deep waters, demonstrating a various vary of exploration alternatives.
Among the many huge winners, a consortium of ONGC and Oil India secured three blocks, whereas one other highly effective trio, together with ONGC, Reliance Industries Restricted (RIL), and BP, clinched one strategic block collectively.
A spokesperson from Bharat Petroleum stated that they’re excited to share that this collaboration between ONGC (holding 40%), RIL (30%), and BP (30%) has efficiently signed a contract for the GS-OSHP-2022/2 block within the Saurashtra Basin underneath OALP-IX. This partnership unites the capabilities of India’s power large ONGC, the economic powerhouse Reliance, and the worldwide experience of bp, coming collectively to assist India’s imaginative and prescient of power safety and self-reliance.
India is on an bold path to construct a resilient and future-ready power ecosystem. By way of swift clearances, science-led exploration, and a robust push for sustainability, we’re aligning ourselves with the broader imaginative and prescient of Viksit Bharat, as highlighted by Petroleum and Pure Fuel Minister Hardeep Singh Puri.
“The Indian hydrocarbon sector is moving into a brand new section of accelerated exploration and improvement,” Puri remarked, emphasizing the urgency of strengthening home power manufacturing. With 88% of crude oil and 50% of pure gasoline at present imported, there’s a transparent want to accentuate native efforts.
Trying forward, India is anticipated to account for 25% of the world’s incremental power demand progress over the following twenty years—making our home exploration extra important than ever.
To proceed this momentum, OALP Spherical-X has already been launched on the India Power Week 2025. This new spherical affords 25 blocks throughout 13 sedimentary basins, protecting a document 1.92 lakh sq km, greater than half of which lies in beforehand restricted areas. It’s a daring step ahead in India’s power journey, and we invite all stakeholders to be a part of this transformative section.
At 1:09 pm, the shares of ONGC have been buying and selling 1.35% greater at Rs 235.82 on NSE.
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