Farm out new blocks to international E&P players, says Pradhan
The 11 winners of Open Acreage Licensing Policy (OALP) Bid Round-V have been urged to bring in new technologies and new business models to expedite the production of oil and natural gas from areas allocated to them.
Greater digitisation and data mapping tools have aided in fundamentally transforming the E&P landscape, said Pradhan, calling for a greater infusion of technology and state-of-the-art data management systems.
Making the call at the award of the block on 17 Nov 2020, Minister of Petroleum and Natural Gas Dharmendra Pradhan called for moving away from the business-as-usual approach and strive for exponential growth and speed.
Eleven blocks in 8 sedimentary basins covering a total acreage of 19,789.04 sq km were awarded under OALP Bid Round-V.5, with Rs. 465 crore of immediate exploration work commitment.
ONGC signed 7 blocks while Oil India Limited (OIL) secured four blocks.
The Minister offered all support to the OLAP winners in carrying out their activities by facilitating the relevant approvals from the Central Ministries as well as the State Governments.
The OALP Bid Round-V winners were also urged to farm out the new concessions to bring in international players into the exploration activities and run the business in a professional manner.
Pradhan wants an independent body for data gathering and data management, giving bidders access to the relevant information for making an informed investment decision.
The OALP is a market-friendly policy driving self-reliance in the energy sector.
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.
India has approx.237,000 sq km under E&P post the award of OALP Round-V. #exploration #OPEC #hydrocarbons #investment /fiinews.com
