Varel intends to use the investment from Blue Water Energy to drive growth in the medium term. Credit: Zbynek Burival on Unsplash.

India’s upstream regulator the Directorate General of Hydrocarbons (DGH) has offered 11 blocks under the fifth bidding round of the new Open Acreage Licensing Programme (OALP) regime.

The regulator has offered all 11 areas for bidding on revised fiscal terms, reported ETEnergyworld.

These blocks are spread across eight sedimentary basins and comprise eight on-land blocks. They also include two shallow-water blocks and one ultra-deepwater block, the report added.

The Government of India has so far awarded 94 blocks under the HELP regime in a span of 2.5 years.

Spread across 16 sedimentary basins, these blocks cover a 136,800km² area for exploration.

DGH said in a statement: “In continuation of its aggressive acceleration of exploration and production activities and adhering to the prescribed timelines, the government has now launched the Bid Round-V for international competitive bidding.

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“In this bid round 11 blocks, with an area of approximately 19,800km² are on offer for bidding to the investor community.”

DGH added that the fifth round bidding for OALP is expected to generate between $400m to £450m under exploration work commitment and will close in March.

Earlier this month, the Government of India awarded seven blocks under the OALP’s fourth round to state-owned firm Oil and Natural Gas Corporation (ONGC).

The latest round did not evoke any response from private firms.

According to the news agency, OALP’s sixth round of bidding is now open and the expression of interests (EOIs) can be submitted by the end of March.

In January 2018, the Indian Government announced to put up 55 oil and gas exploration blocks for auction under the HELP regime, to bring around 2.8 million square kilometres of unexplored area.

In the same year, Vedanta secured exploration licences for 41 of the 55 blocks on offer, in the first round of auctions under OALP-I.