Vedanta scores big in India’s OAL round

NEW DELHI, August 29, 2018 – Vedanta Resources has won 41 of 55 exploration blocks offered in India’s first Open Acreage Licensing round, local media reported on Tuesday.

According to results issued by upstream regulator DGH, Oil India won nice licences and ONGC two, while Bharat Petroleum Corporation, Hindustan Oil Exploration and gas utility GAIL scored one each, the Times of India reported.

No IOCs participated in the auction, the report added.

“We will work hard to make the best of this opportunity,” said Vedanta chairman Anil Agarwal, cited by the newspaper. “We are an energy deficient country and policies like OALP will help reduce country’s import dependence for oil from around 80 per cent now to 67 per cent by 2022, in line with [the] PM’s vision.”

Read our latest insights on: