Shares of Oil and Natural Gas Corporation Limited (ONGC) were trading in the green and almost 2% higher on Wednesday, 16 April, after the company was awarded 11 blocks under the ninth bidding round of the Open Acreage Licencing Policy (OALP).

In the latest OALP-IX (Open Acreage Licensing Policy) round, the government offered 28 exploration blocks spread across a vast 1.37 lakh sq km area. These included nine onland blocks, eight in shallow waters, and 11 in ultra-deep waters, demonstrating a diverse range of exploration opportunities.

Among the big winners, a consortium of ONGC and Oil India secured three blocks, while another powerful trio, including ONGC, Reliance Industries Limited (RIL), and BP, clinched one strategic block together.

A spokesperson from Bharat Petroleum said that they are excited to share that this collaboration between ONGC (holding 40%), RIL (30%), and BP (30%) has successfully signed a contract for the GS-OSHP-2022/2 block in the Saurashtra Basin under OALP-IX. This partnership unites the capabilities of India’s energy giant ONGC, the industrial powerhouse Reliance, and the global expertise of bp, coming together to support India’s vision of energy security and self-reliance.

India is on an ambitious path to build a resilient and future-ready energy ecosystem. Through swift clearances, science-led exploration, and a strong push for sustainability, we’re aligning ourselves with the broader vision of Viksit Bharat, as highlighted by Petroleum and Natural Gas Minister Hardeep Singh Puri.

“The Indian hydrocarbon sector is stepping into a new phase of accelerated exploration and development,” Puri remarked, emphasizing the urgency of strengthening domestic energy production. With 88% of crude oil and 50% of natural gas currently imported, there’s a clear need to intensify local efforts.

Looking ahead, India is expected to account for 25% of the world’s incremental energy demand growth over the next two decades—making our domestic exploration more critical than ever.

To continue this momentum, OALP Round-X has already been launched at the India Energy Week 2025. This new round offers 25 blocks across 13 sedimentary basins, covering a record 1.92 lakh sq km, more than half of which lies in previously restricted areas. It’s a bold step forward in India’s energy journey, and we invite all stakeholders to be part of this transformative phase.

At 1:09 pm, the shares of ONGC were trading 1.35% higher at Rs 235.82 on NSE.

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