India launches its largest oil and gas bid round to boost domestic production and reduce imports.

India launched its largest oil and gas bid round, OALP-X, offering 25 blocks covering 1.91 lakh square kilometers, mainly in offshore areas, to boost domestic production and reduce imports. The event coincides with the India Energy Week, where discussions on energy transition and security will take place. The government aims to attract more companies to develop India's upstream sector using a revenue-sharing model and reduced royalty rates. This bid round is nearly 40% larger than the previous one, OALP-IX, and includes areas previously designated as 'No-Go' zones.

5 weeks ago
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