The government of India has launched OALP Bid Round-VII on 16th December, 2021 offering 8 Blocks for Exploration and Development through International Competitive Bidding.
Features of OALP Bid Round–VII are as quoted below:
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8 Blocks spread over 6 Sedimentary Basins, 5 States covering 15,766 Sq. Km of area
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Out of 8 Blocks, 5 Blocks are Onland type, 2 Blocks are Shallow Water type and 1 Block is Ultra Deep-Water type
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Spread over Category-I (7 Blocks)and Category-III ( 1 Block) Basins
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All 8 Blocks are based on EoI submitted under EoI Window-X & XI by the Prospective Bidders
Adopts all features of HELP (as revised) – reduced Royalty Rates, no Oil Cess, Uniform licensing system, Marketing and Pricing freedom, Revenue Sharing Model, Exploration rights on all retained area for full contract life, Concessional Royalty Rates in case of early commercial production, no Revenue Sharing in Blocks falling in Category –II and III Basins except in case of Wind fall gain etc.
Source: DGH
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