In latest bid, ONGC gets all seven oil, gas blocks

New Delhi, January 2

State-owned Oil and Natural Gas Corporation (ONGC) on Thursday walked away with all seven oil and gas blocks on offer in the latest bid round that saw just eight bids coming in. ONGC signed contracts for the blocks at an event where Oil Minister Dharmendra Pradhan were present.

“These seven blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas,” he said. The latest licensing round for allowing companies to explore for oil and natural gas was held on revamped terms but saw only ONGC and Oil India Ltd participating in it. — PTI