On January 4, 2024, India formalized agreements for the exploration of ten oil and gas blocks allocated through the latest Open Acreage Licensing Policy (OALP)-VIII bid round. In this round, the state-owned ONGC emerged as a major participant, securing seven out of the ten blocks. The bid round, which concluded in July 2023, witnessed a consortium of Reliance Industries and BP, alongside Oil India and Sun Petrochemicals, winning one block each.

The official announcement outlined that the committed exploration work program for these awarded blocks, covering an expansive 34,364km² area, is anticipated to attract investments totaling approximately USD 233 million. Spanning nine sedimentary basins, these ten blocks include a diverse range of onland, shallow water, deep-water, and ultra-deep-water blocks.

Simultaneously, three coal-bed methane (CBM) blocks were awarded, and the ninth OALP bid round (OALP-IX) was initiated. The CBM round-2022 presented 16 blocks across seven states, covering 5,817km². Among these, bids were received for three blocks totaling 717 km², which were subsequently awarded to two companies.

The CBM blocks are projected to witness investments of about USD 7.4 million for the committed exploration work program. In the OALP-IX bid round, the government has made available 28 blocks, encompassing an extensive area of approximately 136,596 km².

India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, emphasized that the signing of agreements for OALP-VIII and the special CBM round-2022, along with the launch of the OALP-IX bid round, signifies a pivotal step in ensuring the country's energy security. He noted that currently, only 10% of the Indian Sedimentary Basin Area is actively explored, and with government initiatives, more areas will be brought under exploration.

Anticipations for the end of 2024 suggest that, following the awarding of blocks under the upcoming OALP-IX and X bid rounds, approximately 5,60,000km² (16%) of the Indian Sedimentary Basin Area will be explored. The OALP in India signifies a transformative shift in the nation's approach to hydrocarbon exploration and production. Introduced by the Government of India, this policy seeks to attract both domestic and international investors by providing a transparent and investor-friendly framework for oil and gas exploration.

Under the OALP, the government opens up blocks for exploration bids from interested companies, departing from the earlier system where specific blocks were identified for auction. This change allows companies greater flexibility in choosing exploration areas, fostering a more dynamic and competitive exploration environment.