New Delhi, 1 October State-run Oil and Natural Gas Corporation (ONGC) is betting high on the second and third round of auctions under the Open Acreage Licensing Policy (OALP) for petroleum blocks. It has given a formal Expression of Interest (EoI) for seven areas in the second round and is in the process of doing so for discoveries in the Bay of Bengal region for the third round.Also, it would be participating in the second round of Discovered Small Fields auction (DSF-II) that has already been launched. "Of the 13 areas for which companies have submitted EOIs, ONGC has shown interest in seven. We are keen on DSF-II also as the small field policies are more lucrative. The company might also look for some areas in OALP-III," said a senior ONGC official. OALP is designed to allow companies carve out their own exploration areas, improving on gaps found in the earlier model. In the EoI stage, companies may carve out their area based on the National Data Repository. The the second stage ...
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