India to Launch Tenth Round of Oil and Gas Asset Bids in 2025

In a notable development, some "no-go" areas may also be included in the tenth round of bidding.

The Indian government is set to invite bids for oil and natural gas assets under the tenth round of the Open Acreage Licensing Policy (OALP) in early 2025, according to a senior official from the Ministry of Petroleum & Natural Gas. The government also expects contracts for both the upcoming round and the ongoing ninth round to be signed in accordance with reforms outlined in the Oilfields (Regulation and Development) Amendment Bill, expected to be passed in the winter session of Parliament.

In a notable development, some "no-go" areas may also be included in the tenth round of bidding. The official emphasized the growing interest in offshore block exploration, as onshore drilling is becoming less viable.

The Ministry has introduced amendments to the Oilfields Act, 1948, aiming to make oil and gas exploration more attractive by expanding the definition of mineral oils and introducing the concept of a petroleum lease. This lease would cover activities ranging from exploration to disposal, easing business operations in the sector.

Industry experts have welcomed the proposed amendments, noting that they could simplify the regulatory framework, which has long deterred investment, particularly in greenfield projects. Meanwhile, reports suggest India’s state-owned refiners are in talks with Russia to secure a term deal for crude supplies at a fixed discount, following a recent agreement between Russia and Reliance Industries.