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Contract signing ceremony held for E&P blocks awarded under OALP bid round-V

Newdelhi:18/11/20″: Minister of Petroleum and Natural Gas & Steel Shri Dharmendra Pradhan today said that Open Acreage Licensing Policy (OALP) is a market-friendly policy which is driving self-reliance in the energy sector. He was speaking at the signing of contracts for 11 oil and gas blocks offered under the OALP Bid Round-V.

Shri Pradhan said that the successful roll-out of the HELP regime, followed by OALP Bid Rounds, has led to increasing in exploration acreages in India. The exploration acreage which stood at about 80,000 sq. km. from earlier regimes now stands at approx. 2,37,000 sq. km., post the award of blocks under OALP Round-V.

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Calling it a transformative policy, the Minister said that the OALP has removed red-tapism and brought in a quantum jump in Exploration & Production sector. He called for moving away from the business-as-usual approach and strive for exponential growth and speed, asking the winners to bring in new technology and new business models, so as to expedite the production of oil and natural gas from these areas.

Speaking about technology, Minister Pradhan said that greater digitisation and data mapping tools have aided in fundamentally transforming the E&P landscape and called for a greater infusion of technology and state-of-the-art data management systems.

Shri Pradhan offered all support to the OLAP winners in carrying out their activities by facilitating the relevant approvals from the Central Ministries and also the State Governments.  Shri Pradhan said that the winners should farm out these areas so as to bring in international players into the exploration activities and run the business in a professional manner.  Shri Pradhan also suggested that an independent body should be set up for data gathering and data management so that all the bidders have access to the relevant information for making an informed investment decision.

A total of 11 blocks in 8 sedimentary basins covering a total acreage of 19,789.04 sq km has been awarded under OALP Bid Round 5, with Rs. 465 crore of immediate exploration work commitment. ONGC has been awarded 7 blocks where 4 blocks went to Oil India Limited (OIL).

 

About Ashok Palit

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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