New Delhi [India], March 21 (ANI): The Union Government has announced a series of strategic policy reforms aimed at increasing domestic hydrocarbon production and reducing India's reliance on imports, according to the Ministry of Petroleum and Natural Gas.

One of the key initiatives driving this effort is the Open Acreage Licensing Policy (OALP), which has played a crucial role in expanding the country's hydrocarbon exploration footprint.

Since its inception, the OALP has seen significant progress through multiple bidding rounds. Under bid rounds I to VIII, a total of 2,42,056 square kilometres of exploration acreage has been awarded across 144 blocks.

This initiative has led to the discovery of 13 hydrocarbon reserves, including seven oil fields and six gas fields, reinforcing India's energy security and boosting domestic production.

The financial commitment under these awarded blocks stands at USD 3.36 billion, with an extensive work programme in place. The planned activities include 51,725 LKM of 2D seismic surveys, 66,843 SKM of 3D seismic surveys, and 499 exploratory wells.

Actual work undertaken so far includes 31,918 LKM of 2D seismic surveys, 37,122 SKM of 3D seismic surveys, and 87 exploratory wells, with 11 wells currently under development. These efforts demonstrate the government's commitment to strengthening India's energy landscape.

To further accelerate domestic exploration and attract investment, the government has launched OALP Bid Round X, marking India's largest-ever oil and gas block auction.

This round offers 25 blocks across 13 sedimentary basins, covering a total area of 1.92 lakh square kilometres, with 91 per cent of the acreage located in offshore regions.

Key highlights of OALP Round X include 19 offshore blocks, of which 13 are in deepwater (DW) and ultra-deepwater (Ultra-DW) areas.

Additionally, 11 blocks are in Category II basins, while five blocks are in Category III basins. The government is encouraging both domestic and international investors to participate in this bidding process, aiming to unlock the full potential of India's hydrocarbon reserves.

The bid submission closing date for OALP Round X has been set for July 31, 2025 (1200 hrs IST). With this initiative, the government continues to push for energy self-sufficiency, reducing import dependency while fostering economic growth and investment in the hydrocarbon sector. (ANI)