Oil India Wins Nine Blocks, Adds Over 51,000 Sq Km To Exploration Portfolio

Oil India Ltd. on Tuesday said that it has secured nine blocks in the ninth round of the auction under the Open Acreage Licensing Policy.

The new acreage includes deep and ultradeep offshore waters, the Cambay Basin, and the state of Meghalaya.

By securing the new blocks, Oil India has added over 51,000 square kilometres to its exploration portfolio, the company's press release stated.

As a result, the Maharatna public sector enterprise’s total exploration acreage has grown by 85% to 1,10,000 sq km.

While Oil India will be the sole operator for six blocks, it will be a consortium partner in the rest.

By winning all nine blocks for which it had bid, Oil India has achieved a 100% strike rate, the company asserted.

According to the company, it underscores its "strategic focus, technical strength, and competitive edge".

It highlighted that over 47,000 sq km of the newly awarded acreage lies in deep and ultradeep offshore waters. This, the company said marks a breakthrough as Oil India takes on technically complex and high-potential frontiers.

The statement said the expansion reflects Oil India’s "strategic vision and strong alignment with India’s energy priorities".

With this, the company will mark its debut in the Cambay Basin and the state of Meghalaya.

According to the company, the achievement "signals a new era of growth, confidence, and capability", which is backed by various government’s initiatives. These include the Hydrocarbon Exploration and Licensing Policy, Ease of Doing Business reforms, and the unlocking of ‘No-Go’ areas.

Before the announcements, shares of Oil India on Tuesday closed 2.10% higher at Rs 366.40 apiece on the BSE. The bench Sensex also advanced by 2.10%.