RIL-BP combine makes first bid for oil block

The RIL-BP combine has made its maiden bid for an oil and gas exploration block in more than a decade, vying for one of the 32 blocks up for auction in the OALP-II and III bid rounds.

Meanwhile, mining major Vedanta has put in as many as 30 bids and ONGC, for 20 areas. According to a PTI report, bidding for 14 blocks on offer in the Open Acreage Licensing Policy (OALP) round-II and another 18 oil and gas blocks and 5 coal-bed methane (CBM) blocks on offer in OALP-III closed on Wednesday.

Quoting official sources, the report said Vedanta, which had walked away with 41 out of the 55 blocks offered in OALP-I last year, bid for 30 areas.

“Oil and Natural Gas Corp (ONGC) bid for 20 blocks while Oil India Ltd (OIL) bid for 15. Indian Oil Corp (IOC), GAIL (India) and SunPetro bid for two blocks each,” it added.

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