Oil and Natural Gas Corp Ltd and Reliance Industries Ltd won most of the 18 exploration blocs awarded by India on Monday in the fifth round of its New Exploration and Licensing Policy (NELP-V). State-run ONGC, along with partners including British oil explorer Cairn Energy Plc, got eight of the 20 blocs.
"We are happy with the result of NELP-five because ONGC had bid aggressively for the blocks as we feel they are very prospective," ONGC Chairman Subir Raha told Reuters.
He said Cairn Energy's partnership was vital for ONGC because of its success in the western state of Rajasthan, where it has discovered more than 2 billion barrels of oil.
Private-sector oil explorer Reliance, along with long-time partner Canada's Niko Resources Ltd and British-owned Hardy Oil and Gas Exploration (India), received five blocs.
India imports 70 percent of its crude oil and is stepping up domestic exploration efforts, while also seeking equity in foreign oil projects, to meet its energy needs.
The 20 blocs offered cover an area of about 109,210 sq km (42,170 sq miles) and comprise six deepwater blocks, two shallow water and 12 onshore blocs.
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