Shares of Oil & Natural Gas Corporation rose by four% to Rs. 133.Four, because the enterprise bagged all seven oil and natural fuel blocks on offer within the state-of-the-art bid round that saw just eight bids coming in.
The government on January 02, provided Oil and Natural Gas Corporation (ONGC) all seven oil and gas blocks that were on provide inside the fourth round of Open Acreage Licensing Policy (OALP), stated Union Petroleum Minister Dharmendra Pradhan.
The modern-day spherical brought 18,510 square kilometre (squarekm) to India’s overall exploration vicinity. Pradhan stated bids for any other 20,000 sq.Km region will be finalised quickly as part of the fifth spherical.
Of the seven blocks, 5 are located in Madhya Pradesh and one block every in Rajasthan and West Bengal. The blocks are unfold over three sedimentary basins with resource capability of round 33 billion barrels of oil and oil equivalent gasoline. The first 4 rounds are expected to generate an funding of around $2.35 billion over the subsequent three to four years in exploratory paintings on my own.
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