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Mahesh

10/07/22 05:38 AM IST

Govt launches bidding for 10 blocks of hydrocarbon under open acreage program

In News
  • The Ministry of Petroleum and Natural Gas has launched the ‘Open Acreage Licensing Programme Bid Round-VIII’, offering 10 blocks for international competitive bidding in order to accelerate the exploration and production of hydrocarbons.
About OALP 
  • Open Acreage Licensing Policy (OALP) along with the National Data Repository (NDR) was launched in June 2017 as the key driver to accelerate the Exploration and Production (E&P) activities in India.
  • Under OALP, companies are given the freedom to carve out areas they want to explore oil and gas. The areas sought are then put on auction.
  • The successful roll-out of the HELP regime, followed by OALP Bid Rounds, has led to an increase in exploration acreages in India.
Hydrocarbon Exploration and Licensing Policy (HELP)
  • HELP which replaced the erstwhile New Exploration Licensing Policy (NELP) in 2016.
  • Under it:-Exploration blocks shall be awarded on a continuous basis through e-bidding in a transparent manner.
  • It followed the Revenue sharing modelinstead of Profit-sharing for hydrocarbon exploration.
  • Unified license for all types of hydrocarbons.
  • Freedom to carve out acreages of choice under OALP bid rounds.
  • Full marketing and pricing freedom of gas.
Source- The Print 

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