Oil Minister Dharmendra Pradhan will today preside over signing of contracts between the government of India and winners of oil and blocks under the fourth round of Open Acreage Licensing Program (OALP).
The fourth round of OALP offered the lowest number of blocks (7) and also received a tepid response from investors as compared to earlier oil and gas bidding rounds held under the revised policy.
While private players did not participate under the fourth OALP round, government-owned Oil and Natural Gas Corporation (ONGC) bid for seven blocks and Oil India bid for one block.
In the second round , 14 blocks attracted 33 bids while in the third round, 23 blocks received 42 bids. In the first, 110 bids were received for 55 blocks on offer. In three rounds together, 87 blocks have been awarded. Read More