New Delhi: Shri Dharmendra Pradhan, Ministry of Petorleum & natural gas and steel congratulate ONGC Limited and Oil India Limited on the successful bidding of the E&P blocks, which will further intensify exploration activities and boost production of oil & gas. It is witnessed that there is the signing of contracts for all 11 oil and gas blocks offered under the OALP bid round-V.
The Successful roll-out of the HELP regime followed by OALP bid rounds has led to an increase in exploration acreage in India. The exploration acreage, which stood at 80,000 sq. km. from earlier regimes, now stands at approx. 2,37,000 sq. km. post the award of blocks under OALP round-V.
Consistent and market-friendly reforms in the E&P sector is enhancing ease-of-doing business & driving self-reliance in India’s energy sector. We have to move ahead with exponential growth and speed, leverage technology to boost domestic production & reduce dependence on imports.
Policy reforms, digitization, advanced data mapping have brought in a quantum leap in exploration policy and resulted in the removal of red-tapism. Called for greater infusion of technology and state-of-the-art data management architecture to drive further transformation.
Posted Date : 17-11-20
Categories : MOU