Vedanta had won 41 out of the 55 blocks in OALP-1 bid round and committed to invest $551 million. "Vedanta Ltd has been successfully awarded 10 exploration blocks in sedimentary basins throughout India pursuant to the OALP at a total bid cost of USD 245 million," the firm said in a statement. The exploration period shall consist of two phases -- the initial exploration phase and the subsequent exploration phase. In total, the exploration period will be a duration of six years for all Blocks, subject to any extension granted. These blocks awarded under OALP bid round II & III, complement the 41 blocks secured in OALP bid round I.

Source: Mint July 03, 2019 14:26 UTC