Oil India Limited (OIL) has recorded a historic achievement by securing 9 blocks under the Open Acreze Licensing Policy (OALP) Round-IX. With this achievement, the company has increased its exploration sector by more than 51,000 sq km, leading to an increase from 60,000 sq km to 1,10,000 sq km – which is a significant increase of 85%.
Oil will get an opportunity to act as a single operator in 6 of these blocks, while in 3 blocks the company will serve as a consortium partner. The most important thing is that the 9 blocks for which Oil had won – ie 100% strike rate, which reflects the company’s strategic thinking, technical efficiency and competitive ability.
Of these, more than 47,000 sq km area is located in deep and over-deepened marine areas, which are considered technical terms challenging but high probable areas. This is a new chapter for Oil, where she is entering state -of -the -art Frontiers.
In addition, OIL has stepped for the first time in the Kanbe Basin and Meghalaya state, which has opened the possibilities of exploration in new geographical areas.
This achievement has been possible due to efforts such as HELP policy of the Government of India, Ease of Doing Business Reforms and opening ‘No-Go’ areas.
Oil is not only achieving only blocks – rather it is determining the way to the future in the direction of self -reliance of India.
