Reliance-bp team up with ONGC as OALP-IX bid round attracts four bidders

Quick Summary:

The OALP-IX bid round, where 28 blocks or areas spread over 1.36 lakh square kilometre were offered for finding and producing oil and gas, for the first time saw Reliance Industries Ltd-bp plc combine bidding together with ONGC for one block in Gujarat offshore.

India's biggest oil and gas bid round attracted four bidders that included state-owned ONGC and OIL and private sector Vedanta Ltd, with most blocks getting just two bids, according to Directorate General of Hydrocarbons (DGH).

Reliance and its supermajor partner bp plc had bid in just two of the past eight oil and gas bid rounds since 2017.

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Category: BusinessFinance

Markets: India

Topics: Oil and gas bidding rounds ONGC Oil

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-23 @ 16:55:34 (5 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 683 words

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Sentences: 26 lines

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Copyright Owner: © Business Standard

News ID: 22654008

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