Companies awarded 55 blocks in India’s first open-acreage licensing bid round collectively have committed to invest the equivalent of $820 million in exploration, Petroleum Minister Dharmendra Pradhan said at a contract-signing event in New Delhi.
Vedanta Ltd. dominated the bidding and received 41 blocks (OGJ Online, Aug. 29, 2018). Five other companies, out of nine companies bidding alone or in groups, were awarded blocks.
Pradhan said the 59,282 sq km covered by the new blocks is about 65% of the total area now under exploration in India.
