OALP Bid Round-IX

Government has launched OALP Bid Round-IX on 3rd January 2024 offering 28 Blocks for Exploration and Development through International Competitive Bidding. This time, the Government has combined the areas received during Expressions of Interest (EoI) cycle XIII, XIV & XV. Eight (8) blocks are based on EoIs received during Window-XIII from April 1, 2022 to July 31 2022, eight (8) blocks are based on EoIs received during Window-XIV from August 1, 2022 to November 30, 2022, seven (7) blocks are based on EoIs received during Window-XV from December 1, 2022 to March 31, 2023 and Five (5) are DGH carved out blocks.

The features of the OALP Bid Round–IX are outlined as follows:

• 28 Blocks spread over eight (8) Sedimentary Basins, covering an area of 1,36,596.45 Sq. Km
• Out of 28 Blocks, 9 Blocks are in Onland, 8 Blocks are in Shallow Water, and 11 Blocks are in Ultra Deep-Water areas
• Spread over Category-I (16 Blocks) and Category-II (12 Blocks) Basins
• Adopts all features of HELP such as:
  • Reduced Royalty Rates,
  • No Oil Cess,
  • Uniform licensing system,
  • Marketing and Pricing freedom,
  • Revenue Sharing Model,
  • Exploration rights on all retained area for full contract life,
  • Concessional Royalty Rates in case of early commercial production,
  • No Revenue Share based bidding in Blocks falling in Category–II and III Basins except in case of Wind fall gain etc.
  • Originator Incentive Increased to 10 marks for Category-II & Category-III Basins

Bid Submission Opening Date: 3rd January 2024

Bid Submission Closing Date: 21st September 2024 (1200 hrs IST)

"The extension has been accorded by the Government in view of the Oil fields (Regulation and Development) Amendment Bill, 2024 having been introduced in Parliament on 05.08.2024 and enactment of which will involve incorporating consequential investor-friendly changes in the MRSC in OALP IX and subsequent rounds."