Oil India wins 12 oil & gas blocks under OALP

Oil India Limited (OIL) has won oil & gas blocks under Open Acreage Licensing Policy (OALP) rounds II & III by winning 12 blocks out of 32 blocks. Many leading operators had submitted bids, out of which OIL has emerged as the biggest winner.

Earlier, OIL was awarded nine blocks under OALP round-I and two blocks under Discovered Small Field round-II. Of the 23 blocks awarded to OIL, 11 are situated in Assam and Assam Arakan Basin in the North-East, 3 in Rajasthan, 5 in Mahanadi Onshore, 1 in KG Offshore, 2 in Andaman Shallow Offshore and 1 in Kerala-Konkan Offshore basins.

As per the management of the company, the strategy of the company was to consolidate its position as the leading operator in the North-East and carry out exploration in Category II & III basins in line with the Government of India's vision to intensify exploration in Indian sedimentary basins and increase domestic oil and gas production.

After winning these blocks, the company's acreage position in Assam and Assam Arakan Basin has increased from 8,375 sq. km. to 16,770 sq. km. and the overall in-country acreage position from 9,199 sq km to 51,477 sq km.

On Wednesday, the stock of Oil India opened at Rs 173.10 on the BSE. During the day, it made intra-day high and low of Rs 173.60 and Rs 169.70, respectively and closed at Rs 170.50, down by 1.07 per cent.