India Offers 42 Hydrocarbon Blocks in Latest Auction

Nidhi Verma
Tuesday, October 11, 2022

India is offering 26 oil and gas blocks and 16 coal bed methane blocks in its latest exploration licensing round, according to the country's upstream regulator, as the world's third largest oil consumer seeks to boost local output.

"There is an unprecedented interest in Indian exploration and production by global oil companies," oil minister Hardeep Singh Puri tweeted on Tuesday after a roadshow in Houston in the United States.

India, also the world's third-biggest oil importer, ships in about 84% of its oil needs from overseas and wants to quickly monetize its oil and gas reserves to cut its import bill.

The 26 blocks - 15 ultra deep-water blocks, 8 shallow water, and 3 on-land blocks - cover an area of 223,000 square kilometers (86,101 sq. miles), according to a notice posted on the website of upstream regulator the Directorate General of Hydrocarbons.

India has so far seen a tepid response from major global energy players in its oil and gas licensing rounds.

In Houston, Puri met executives from Exxon Mobil XOM.N, oilfield service provider Baker Hughes, and with liquefied natural gas producers after launching a bidding round for offshore oil and gas exploration areas.

India is interested in the U.S companies' technical expertise in offshore production, ethanol and sulfur recovery in oil refineries, Puri told Reuters in an interview. 

 (Reporting by Nidhi Verma; Editing by Susan Fenton)

Categories: Energy Drilling Industry News Activity Production Asia

Related Stories

Inpex Secures Environmental Approval for Indonesia’s Abadi LNG Project

Akrake Achieves First Oil at Sèmè Field as Parent Firm Reviews Options

Vantage Drilling’s Ultra-Deepwater Drillship Heads to India Under $260M Contract

Current News

Ndungu Full-Field Starts Up Offshore Angola

Norway's 2025 Oil Output Climbs to Highest Level Since 2009

AKOFS Offshore Inks New Vessel Deal with Petrobras

UK Trade Body Challenges Government View on North Sea Gas Decline

Subscribe for OE Digital E‑News