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European shares rebounded from three-week lows on Thursday, with inflation and PMI data in focus. German inflation data is awaited after the latest readings in states pointed to a national rise.
India had offered 10 blocks for bidding of which ONGC won seven, Oil India, Sun Petrochemicals, and a consortium of Reliance Industries Ltd and BP Plc got one area each. Contracts for the 10 blocks were signed on Wednesday. "Estimated investments in awarded blocks for committed exploration work program is to the tune of $7.4 Million," the press statement added.
Of the 10 blocks offered, ONGC won seven while Reliance-BP, Oil India Ltd and Sun Petrochemicals Pvt Ltd got one area each.
In the recent Open Acreage Licensing Policy (OALP-VIII) bid round, India's ONGC won seven exploration blocks while Reliance Industries Ltd and BP Plc secured one. Oil Minister Hardeep Singh Puri confirmed the signing of contracts for 10 blocks, including three coal-bed methane (CBM) areas. The bidding saw limited private sector participation, with notable exclusions of global energy majors. The government aims to bolster domestic oil and gas production, emphasizing policy reforms to reduce import dependency.
Oil and gas industry news: State-owned Oil and Natural Gas Corporation (ONGC) won seven areas for exploration of oil and gas while a consortium of Reliance Industries Ltd and BP Plc walked away with one in the latest bid round., Companies News, Times Now