Rs 84,084 crore incentive on offer, but India's deepsea oil exploration bids delayed again
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓India extended the bidding deadline for deepsea oil and gas blocks to December 10.
- ✓This is the seventh delay for the 10th round and the third for the 11th.
- ✓Many companies got more time to study the Rs 84,084 crore Samudra Manthan incentive scheme before they decide to start exploration.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Economic Times
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
India has given oil companies another month to decide whether to venture into its deep and ultra-deepwater oil and gas blocks, extending the bidding deadline under its 10th and 11th Open Acreage Licensing Policy (OALP) rounds to December 10, 2026.
The latest postponement, the seventh for OALP-X and the third for OALP-XI, showed the difficulty of drawing investors into high-cost offshore exploration even as the government rolls out financial incentives and regulatory reforms to stimulate domestic hydrocarbon production, PTI reported on November 9.
Directorate General of Hydrocarbons (DGH), the upstream oil and gas nodal agency under the petroleum ministry, announced the revised deadline on its website.
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Economic Times
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