Oil India Limited, India's second largest National Exploration & Production (E&P) Company announces the commencement of exploration activities including seismic survey data acquisition in Rajasthan's Siyasar block RJ-ONHP-2017/9 won under OALP-I round, on 20. 11.2019. The block falls under Bikaner and Ganganagar District of Rajasthan. With this, OIL becomes the first operator to begin the exploration activities under the committed work programme (CWP)in an OALPregime block in the country.
Ministry of Petroleum and Natural Gas (MoP&NG)under Government of India has undertaken wide gamut of path breaking reforms in the past five years in the E&P sector including Open Acreage Licensing Policy (OALP)along with the National Data Repository (NDR)being launched in June 2017. OIL has been awarded total of Twenty one (21) exploration blocks under OALP-I,II, III and IVrounds.
The revenue sharing contract of the above mentioned block was signed on 01.10.2018 while the Petroleum Exploration License (PEL) of the block was awarded by the Govt. of Rajasthan on 27.05.2019 for a period of 3 years.
Shares of OIL INDIA LTD. was last trading in BSE at Rs.158.6 as compared to the previous close of Rs. 161.25. The total number of shares traded during the day was 88758 in over 1948 trades.
The stock hit an intraday high of Rs. 169.3 and intraday low of 157.2. The net turnover during the day was Rs. 14401536.