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Vedanta wins big in first Open Acreage Auction category
Aug. 29, 2018

Vedanta wins big in first Open Acreage Auction

The Directorate General of Hydrocarbons (DGH) yesterday announced the results of the maiden open acreage auction, with Vedanta Group winning big. The auction received 110 bids for the 55 blocks on offer, and Vedanta received licenses for 41 of them. Vedanta played aggressive in the auction, placing bids on the entire blocks on auction. ONGCs conservative bids landed it only 2 blocks, while OIL won licences to 9 blocks.

Report claims reserves in India underestimated category
Aug. 21, 2018

Report claims reserves in India underestimated

A new assessment by the Directorate General of Hydrocarbons (DGH) has revealed that India possesses 42 billion tonnes of oil equivalent reserves. Oil reserves in India were projected to be around 28.09 billion tonnes in 1996. The newly assessed data shows a 49% jump from the previous estimates. The report claims that the Mumbai Offshore and Krishna-Godavari basins contribute the most to the country’s energy future with the maximum reserves.

Vedanta to increase production capacity category
Aug. 21, 2018

Vedanta to increase production capacity

In a bid to increase its reserve base, Vedanta Limited is planning to invest $2.3 billion towards CAPEX on its oil and gas activities. Vedanta is targeting an increase in production from the current 200,000 barrels of oil equivalent per day to 300,000 boepd over the next few years. Under the OALP auction, Vedanta recently bid for all 55 blocks on offer in the first round.

India launches second round of DSF auction category
Aug. 10, 2018

India launches second round of DSF auction

The second auction of small discovered oil and gas blocks in India was launched yesterday. The South Asian nation is looking to quickly monetize its hydrocarbon resources. In the first week of September, the bidding for 59 fields will begin which will close on December 18. Oil Ministry informed that the blocks offered under the latest round have reserves of about 1.4 billion barrels.

Indian Oil Ministry rejects DGH proposal to sanction pvt. oil companies to explore producing fields category
May 16, 2018
Source: Economic Times

Indian Oil Ministry rejects DGH proposal to sanction pvt. oil companies to explore producing fields

The Indian Oil Ministry has rejected Directorate General of Hydrocarbon’s (DGH) reference that companies be allowed to carry forward exploration in their producing fields irrespective of its effect on the government’s share in the profit. This decision is being owed to an informal calculation by the ministry where the loss of thousands of crores was estimated in case DGH’s proposal was approved.

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