India extends oil, gas block bid deadline to June 30

New Delhi — India has extended the last date to bid on 11 oil, gas blocks under the fifth auction round to June 30 due to the COVID-19 lockdown, oil ministry officials said June 9.

The latest bid round under the Open Acreage Licensing Policy fifth round (OALP-V) opened Jan. 14 and was initially set to close March 18. The closing was extended to April 16 in the wake of the COVID-19 outbreak, and then to June 10.

In January, India awarded seven oil and gas blocks to state-owned exploration company Oil and Natural Gas Corp. in the fourth bid round as part of a strategy to cut dependence on oil imports. The country imports around 83% of its crude demand.

India imposed a nationwide lockdown as of March 25 to combat the coronavirus pandemic. It's observing the fifth phase of lockdown until June 30, with restrictions in COVID-19 confinement zones.

In the fifth bid round, India offered 11 blocks spread over 19,800 sq km for oil and gas exploration across eight sedimentary basins where the companies were given the freedom to carve out areas for drilling.

Interested companies can put in an expression of interest for any area throughout the year. Such interests are accumulated three times a year and the areas sought are then put on auction.

India awarded 94 oil and gas blocks, offering 136,790 sq km for exploration in the previous four rounds.

Under OALP, companies are allowed to carve out areas they want to explore oil and gas.