New Delhi, August 25: India is seeking to draw greater international investment into its upstream oil and gas sector, with Petroleum and Natural Gas Minister Hardeep Singh Puri discussing exploration opportunities with ExxonMobil as the government advances its largest-ever Open Acreage Licensing Policy (OALP) bidding round by acreage.
Puri held a discussion with Scott Sandlin, India Country Chair of ExxonMobil’s upstream business, on opportunities under OALP Round 10 and exploration prospects in the Eastern Offshore. The minister described the meeting as productive and highlighted the opening of previously restricted areas for investors.
According to Puri, around 1 million square kilometres of areas earlier designated as “No Go” zones have been opened for exploration. He attributed the expanded investment framework to the Oilfields (Regulation and Development) Amendment Act, 2025, new petroleum and natural gas rules and reforms involving the empowered Committee of Secretaries.
The engagement with ExxonMobil comes as the government has placed 25 exploration blocks covering approximately 1,82,589.21 square kilometres on offer under OALP Round 10. The round represents the largest acreage offered in a single OALP bid round under the Hydrocarbon Exploration and Licensing Policy regime.
The latest offering has a strong offshore focus, with 19 offshore blocks accounting for 1,65,718 square kilometres. Of these, 13 blocks covering 1,24,327 square kilometres are located in deep-water and ultra-deep-water areas. The blocks are distributed across 13 sedimentary basins, while six blocks are located on land.
The government has said international experts have technically assessed each block for its hydrocarbon potential and made the information available to prospective investors.
The bidding schedule differs according to the type of block. Bids for onland and shallow-water areas closed on June 19, while investors can submit bids for deep-water and ultra-deep-water blocks until September 17.
Puri also met Manny Maceda, chairman of Bain & Company, during his engagements with global businesses. He said the consulting firm’s experience in technology, energy and strategy could support collaboration with Indian energy companies as the country works to strengthen and expand its energy sector.
The government has been pushing accelerated exploration and production activity through successive licensing initiatives. OALP Round 10 forms part of that effort, with the scale of the current offering placing particular emphasis on offshore acreage, including areas in deeper waters.
With the September 17 deadline approaching for deep and ultra-deep-water blocks, the government’s focus now remains on attracting investors to the acreage made available under the latest licensing round.
