Login With Google
Open Acreage Licensing Policy
Why is it in the news ?
- India has offered 23 hydrocarbon blocks in the third exploration bidding round of the Open Acreage Licensing Policy (OALP).
- Petroleum and natural gas minister opened the auction at Petrotech, a three-day industry conference that began in Greater Noida.
More in the news
- The 18 blocks offered for bidding are based on expressions of interest (EoIs) submitted by bidders.
- Under the OALP, once an explorer selects areas after evaluating the National Data Repository (NDR) and submits the EoI.
- It is to be put up for competitive bidding and the entity offering the maximum share of oil and gas to the government is awarded the block.
- The Open Acreage Licensing Policy (OALP):
- The Open Acreage Licensing Policy (OALP) is a critical part of the Hydrocarbon Exploration and Licensing Policy.
- It provides uniform licences for exploration and production of all forms of hydrocarbons, enabling contractors to explore conventional as well as unconventional oil and gas resources.
- Till 2016, exploration was confined to blocks which have been put on tender by the Government.
- OALP was introduced vide a Cabinet decision of the Government in 2016, as part of the new Hydrocarbon Exploration and Licensing Policy, so as to enable a faster survey and coverage of the available geographical area which has potential for oil and gas discovery.
- National Data Repository (NDR):
- The National Data Repository (NDR) has been created to provide explorers’ data on the country’s repositories, allowing them to choose fields according to their capabilities.
- Data received through the National Seismic Programme, an in-depth study of 26 sedimentary basins, are continuously being added to the NDR.
Source
Indian Express.