ONGC, OIL, and GAIL won the bulk of the eight blocks allocated for oil and gas exploration and production in the OALP seventh bid round, despite the fact that the government announced the next bidding round in anticipation of an investment of $600-$700 million in the 10 areas up for grabs.
Oil and Natural Gas Corporation (ONGC) won three blocks in the OALP-VII round, while Oil India Ltd (OIL) got two, according to statistics released by the DGH.
Sun Petrochemicals Pvt Ltd acquired the other two blocks in Rajasthan, leaving GAIL with only one.
The oil ministry announced the Hydrocarbon Exploration and Licensing Policy (HELP) on March 30, 2016, and it regulates the exploration for and production of oil and gas.
Since then, 134 exploration and production blocks have been allocated following the conclusion of seven bid rounds of the Open Acreage Licensing Programme (OALP).
