Having committed USD 2.3 billion investment, energy firms such as Cairn Oil & Gas spent USD 75 million (about Rs 550 crore) in oil and gas hunt in the first two years of India’s maiden open acreage licensing policy, according to the Directorate General of Hydrocarbons (DGH).
In a bid to expedite oil and gas exploration and raise domestic production, the government had in 2018 launched the first bid round under the Open Acreage Licensing Policy (OALP) that allowed explorers to carve out desired areas for exploration and offered liberal terms.
Five rounds have been concluded so far, with winners of the fifth bid round announced on Thursday.
In the first four rounds, USD 2.317 billion investment was committed by firms such as Vedanta Group firm Cairn Oil & Gas, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd in 99 blocks awarded for exploration and production of oil and gas, according to the latest data put out by the DGH.
Of this, USD 75 million has so far been invested till March 31, 2020, DGH, the upstream nodal authority of the Oil Ministry, said.