Local firms dominate India's oil, gas blocks auction

  • Reuters
  • Commodities News
Local firms dominate India's oil, gas blocks auction
Credit: © Reuters.

NEW DELHI, May 2 (Reuters) -

* India on Wednesday received 110 bids from local companies for 55 oil and gas exploration blocks put up for auction under new rules - Directorate General of Hydrocarbons (DGH)

* Global oil majors did not submit bids in the latest auction

* India had offered 46 onshore and 9 offshore blocks covering 60,000 square kilometres in the latest auction- DGH

* Most bids were submitted by state-run companies such as Oil and Natural Gas Corp ONGC.NS , Oil India Ltd OILI.NS , Indian Oil Corp IOC.NS , GAIL (India) Ltd GAIL.NS and Bharat Petro Resources Ltd

* Private sector bidders include Vedanta Ltd VDAN.NS , Hindustan Oil Exploration Co HOEX.NS and Selan Exploration Technology Ltd SELA.NS

* India wants to award blocks by June to expedite exploration - DGH

* India had launched the licensing round in January

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