ONGC has emerged as a major winner in India's eighth Open Acreage and Licensing Policy (OALP) bidding round, securing seven of the ten awarded oil and gas fields. ONGC was awarded 6 offshore blocks - 3 shallow water, 1 deepwater, and 2 ultra-deepwater blocks - along with 1 onshore block. The remaining three offshore acreages were granted to a consortium comprising India’s Reliance Industries and supermajor BP, Oil India, and Sun Petrochemicals. ONGC stood as the sole bidder for six blocks, while the ultra-deepwater block KG-UDWHP-2022/1 saw exclusive bidding from the Reliance-BP consortium. 

The Indian government distributed a total of 10 blocks across nine sedimentary basins, covering an area of 34,364 square kilometres. The estimated investments in the awarded blocks for committed exploration work programmes amount to approximately $233 million.

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