May 2, 2018 / 12:56 PM / 3 months ago

Local firms dominate India's oil, gas blocks auction

NEW DELHI, May 2 (Reuters) -

* India on Wednesday received 110 bids from local companies for 55 oil and gas exploration blocks put up for auction under new rules - Directorate General of Hydrocarbons (DGH)

* Global oil majors did not submit bids in the latest auction

* India had offered 46 onshore and 9 offshore blocks covering 60,000 square kilometres in the latest auction- DGH

* Most bids were submitted by state-run companies such as Oil and Natural Gas Corp, Oil India Ltd, Indian Oil Corp, GAIL (India) Ltd and Bharat Petro Resources Ltd

* Private sector bidders include Vedanta Ltd, Hindustan Oil Exploration Co and Selan Exploration Technology Ltd

* India wants to award blocks by June to expedite exploration - DGH

* India had launched the licensing round in January (Reporting by Nidhi Verma; Editing by Amrutha Gayathri)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below