India Launches Largest Oil and Gas Bid Round to Enhance Energy Security

India has initiated its largest oil and gas bid round, offering 25 blocks across 1.91 lakh sq km, largely in offshore areas. The move aims to enhance domestic production and reduce import dependency. The 10th bid round was launched by Petroleum Minister Hardeep Singh Puri during India Energy Week.

India has embarked on its largest oil and gas bid round, opening 25 exploration blocks that cover 1.91 lakh square kilometers, primarily in offshore sectors. The initiative aims to ramp up domestic production and curtail reliance on imports, contributing to the nation's energy security overall.

At the India Energy Week, Petroleum Minister Hardeep Singh Puri unveiled the 10th bid round under the Open Acreage Licensing Policy (OALP). This round, known as OALP-X, offers 25 blocks spread across 13 sedimentary basins, with a significant portion situated in offshore areas.

The previous nine OALP rounds covered an area of 3.78 lakh sq km, with OALP-IX being the largest until now. Despite strong participation, most previous bids attracted only two offers per block, reflecting competition among both domestic and international entities.

(With inputs from agencies.)