Deals16 Apr 2025, 02:29 am
Oil India Secures 9 Blocks Under OALP IX, Expanding Exploration Portfolio by 85%
AI Summary
Oil India Limited (OIL), a Maharatna CPSE of MoPNG, and a leading energy company in India, secured 9 blocks under OALP Round IX, adding over 51,000 Sq.km to its exploration portfolio. This move propels OIL’s total exploration acreage from 60,000 Sq.km to 110,000 Sq.km, registering a remarkable 85% growth. OIL had submitted bids for 9 blocks and won all 9, achieving a 100% strike rate. Over 47,000 Sq.km of the newly awarded acreage lies in deep and ultradeep offshore waters, marking a breakthrough as OIL takes on technically complex and high-potential frontiers. OIL has also made its debut in the Cambay Basin and the state of Meghalaya.
Key Highlights
- Oil India secures 9 blocks under OALP IX, adding over 51,000 Sq.km to its exploration portfolio
- This move results in a remarkable 85% growth in OIL’s total exploration acreage
- OIL achieves a 100% strike rate, winning all 9 blocks it bid for
- Over 47,000 Sq.km of the newly awarded acreage lies in deep and ultradeep offshore waters
- OIL makes its debut in the Cambay Basin and the state of Meghalaya