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April 28, 2021 Oil and Natural Gas Corporation Ltd (ONGC) on Wednesday said it will invite foreign partners to explore the blocks that the firm has been allotted under Category-II and Category-III of the Open Acreage Licensing Policy.
“Intention is to invite foreign participations to explore Category-II and Category-III basins which match size and scale of expectations and portfolio of these large players,” ONGC said in a statement.
Under the licensing policy, Category-II basins are those with contingent resources that are yet to be converted to recoverable reserves. Category-III basins have prospective resources with no hydrocarbon discovery. ONGC owns the licence for one Category-II block in the Cambay basin, as well as two blocks each from the Cauvery and Mumbai Offshore basins, among others under Category-III.