Sunday, June 22, 2025
  • Home
  • About us
  • Privacy policy
  • Advertise with us
  • Contact us
Fii News Logo
No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Newsletter
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports
Fiinews
No Result
View All Result
Home Tenders

Tenders: Bids for OALP Round-VIII can be submitted by 5 July 2023

Fiinews by Fiinews
June 5, 2023
in Tenders
Reading Time: 3 mins read
A A
0
ONGC Videsh
0
SHARES
10
VIEWS
LinkedinShare on Twitter

0:00

Govt has recently effected significant changes in contractual framework and incentive structure

Ministry of Petroleum and Natural Gas (MoPNG) said bids can now be submitted through a dedicated online e-bidding portal till 12:00 hours by 5 July 2023 for hydrocarbon blocks under OALP Round-VIII.

With Government’s focus to accelerate E&P activities across the country, MoPNG recently launched Open Acreage Licensing Programme (OALP) Bid Round-VIII, offering 10 blocks, for International Competitive Bidding.

The MoPNG said on 5 Jun 2023 that the award of OALP Round-VIII Blocks will further add 34,364.53 sq km. of acreage and take the cumulative exploration acreage under OALP to 242,055 sq km.

It is pertinent to mention here that the Hydrocarbon Exploration and Licensing Policy (HELP) was promulgated on 30 March 2016. Since then, seven rounds of OALP have been successfully concluded and 134 E&P blocks have been awarded comprising an area of 207,691 sq km spread across 19 sedimentary basins.

The Government has taken some far-reaching decisions on reducing ‘No-Go’ areas in the Indian offshore by 99%. In this context, and with a view to accelerate E&P activities, enhance the ease of doing business and promote fresh investments in the E&P sector, the Government has recently effected significant changes in the contractual framework and incentive structure.

Some of the key reformative changes include the following:

Larger acreage areas through enhancement in upper limits for self-carving of acreage.

Simplified modalities for carving out open acreage blocks with partial 1 ‘x 1’ unit.

Flexibility in drilling commitment and clarification on Target Depth.

Modifications in operatorship experience for Deep/Ultra-deep-water blocks.

Improved bidding parameters evaluation criteria and other bidding terms.

Flexible Work Programme and relaxed exploration timelines suited to play based exploration approach in Category-II and III Basins.

Modifications in ‘Effective date’ and introduction of ‘Commencement date’ for exploration timelines.

Modified provisions for deduction of Taxes and Reference rate of conversion for Statutory and Contractual payments.

Enhanced Stabilization Period for incentivizing Early Monetization of Discoveries.

Introduction of Retention Period for submission of Field Development Plan.

Modified definition of Arm’s Length Sale as per GOI notifications dated 25 Oct 2020.

Modified provisions for change in Consortium during EO Iand bidding stage.

Expanded scope of force majeure and rationalization of ‘Excusable Delay’ provisions.

Removal of dual liquidated damage for commencement of both development and production operations.

Streamlined EoI and bidding processes, change in Net Worth definition, Basic Data Package cost and rationalized Tender and Application Fee and Bid and Participation Bond.

The updated contractual framework with the above mentioned changes to intensive E&P investments is available at DGH website(www.dghindia.gov.in) and E-Bidding Portal (https://ebidding.dghindia.gov.in/).

The bidders are encouraged to study revised terms, and submit the bids for OALP round VIII positively by 1200 hours of 5 July 2023. Fiinews.com

Tags: MoPNG
ShareTweetShare

Related Posts

MNRE
Tenders

Tender: Rooftop solar boosting program launched

by Fiinews
June 22, 2025
0
12

Phase-I will be in 30 cities across 10 states, says Sarangi A City Accelerator Program to boost rooftop solar adoption...

PIB
Tenders

Tender: PM officiates on Rs18600cr Odisha projects

by Fiinews
June 22, 2025
0
14

State to be petrochemical hub Prime Minister Narendra Modi inaugurated and laid foundation stone of multiple development projects worth over...

NICDC

Tender: Progress of industrial nodes assessed

June 18, 2025
12
Bharti Real Estate Logo

Tender: Bharti plans $2bn Global Business District

June 17, 2025
14
Nhidcl

Tender: NHAI restricts projects per engineer

June 14, 2025
13
Ahmedabad Metro

Tender: NPG evaluates Metro, Roads, Logistics Park

June 14, 2025
13
SBI YONO

POPULAR NEWS

  • Cristina Dnv

    Projects: Indian yards set to build green ships, says DNV expert

    0 shares
    Share 0 Tweet 0
  • Market: Indian-origin UGF scales heritage consumer brands globally

    0 shares
    Share 0 Tweet 0
  • Technologies: Royal Diamond sponsors aerspace Industries’ drones in UAE

    0 shares
    Share 0 Tweet 0
  • Investments: Foreign investors see India as long-term destination for fund placings

    0 shares
    Share 0 Tweet 0
  • Markets: Blue Dart maintains positive outlook on India

    0 shares
    Share 0 Tweet 0

Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

7Clicks Media is a Singapore based Media & PR company offering over 100,000
impressions via our targeted communication strategy.

It is led by editor-in-chief Gurdip Singh who has worked over 45 years reporting on
Asian businesses.

Recent News

  • Tender: Rooftop solar boosting program launched
  • Manufacturing: Minister reviews Salem Steel
  • Tech: BSNL Quantum 5G FWA soft launched
  • Project: HSL holds FSS steel cutting ceremony
  • Tender: PM officiates on Rs18600cr Odisha projects

Pages

  • About US
  • ADVERTISE ON FIINEWS.COM
  • CONTACT US
  • EVENTS
  • FII-NEWS.COM PDF ARCHIVE
  • Home
  • News
  • PRIVACY POLICY

Subscribe to Newsletter

  • About
  • Advertise
  • Careers
  • Contact us

© 2024 FIINEWS - Design and developed by 7clicksmedia.

No Result
View All Result
  • Tenders
  • Projects
  • Markets
  • Manufacturing
  • Investment
  • Technology
  • Exports

© 2024 FIINEWS - Design and developed by 7clicksmedia.