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Mukesh Ambani's Reliance teams up with govt company for India's biggest...
The bid round attracted four key players including OIL and Vedanta Ltd with most blocks getting just two bids.
Updated : Sep 23, 2024, 08:57 PM IST
 "Mukesh Ambani's Reliance teams up with govt company for India's biggest...")
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Mukesh Ambani's Reliance Industries has interests in petrochemicals, oil and gas, telecom, retail, and other services. It is India's most valuable company with a market cap of Rs 20.21 lakh crore, as of September 23. Now, in India's biggest oil and gas bid round, Reliance Industries and its supermajor partner bp plc bid together with government-run ONGC for one block in Gujarat offshore. The bid round attracted four key players including OIL and Vedanta Ltd with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH).
In the OALP-IX bid round, 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas. Reliance and its supermajor partner bp plc had bid in just two of the past eight oil and gas bid rounds since 2017. Reliance-bp combine had bid and won the two blocks they had bid for in the previous rounds and this is the first time they have teamed up with ONGC to bid for a shallow water block in the Gujarat-Saurashtra basin.
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In the previous eighth round of Open Acreage Licensing Policy (OALP-VIII), ONGC had not bid for the ultra deepsea Krishna Godavari basin block that Reliance-bp combine had sought. The DGH on Monday released the names of the bidders for the 28 blocks offered under the OALP-IX round, bids for which closed on September 21.
ONGC bid for 14 blocks alone and with partners such as state-owned Oil India Ltd (OIL) and Indian Oil Corporation (IOC) for four other blocks. After considering its bid with Reliance-bp, ONGC in all bids for 19 out of the 28 blocks on offer.
Mining billionaire Anil Agarwal-owned Vedanta Ltd bid for all the 28 blocks on offer while Sun Petrochemicals Ltd bid for seven areas. Of the 28 blocks on offer, four blocks got three bids each while the rest had two bidders, one being Vedanta Ltd.
Blocks are awarded to firms offering the highest share of revenues generated from oil and gas produced from the blocks and the work programme they commit to. Of the 28 blocks offered in OALP-IX, nine are onshore blocks, eight shallow-water blocks and 11 ultra-deepwater blocks across eight sedimentary basins, with an area of 136,596.45 sq km.
(With inputs from PTI)
