News: Ministry of Petroleum and Natural Gas signed contracts for 7 blocks, awarded under Open Acreage Licensing Programme (OALP) Bid Round – IV.
Facts:
Open Acreage Licensing Programme (OALP):
- Launched in 2016, OALP, is a part of Hydrocarbon Exploration and Licensing Policy (HELP).
- It is aimed at enabling faster survey and assessment of areas with oil and gas potential.
- It enables companies apply for particular areas they deem to be attractive to invest in, and the Centre then puts those areas up for bids.
Hydrocarbon Exploration and Licensing Policy (HELP):
- Introduced in 2016, it is a contractual and fiscal model for award of hydrocarbon acreages towards exploration and production (E&P).
Major Characteristic Features:
- Single License for both conventional and unconventional Hydrocarbons
- Transition from Cost Recovery mechanism to Revenue Sharing mechanism.
- Full Marketing & Pricing Freedom
- Low regulatory burden
- Fiscal incentives provided to investors
Implementing Agency: Directorate General of Hydrocarbons (DGH), Ministry of Petroleum and Natural Gas
Additional Information:
National Data Repository: It is an integrated data repository of Exploration and Production (E&P) data of Indian sedimentary basins.
