Home India Ministry of Petroleum and Natural Gas The following amendment and inclusion are made in English an...
Date: 2019-05-15 Category: Extra Ordinary State: Union Government Country: India

The following amendment and inclusion are made in English and Hindi versions of this Ministrys Notification

Issued by Ministry of Petroleum and Natural Gas · Not Applicable

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Executive Summary & Key Takeaways

This notification from the Ministry of Petroleum and Natural Gas, dated May 15, 2019, announces an amendment and inclusion to the operational modalities of the Hydrocarbon Exploration Licensing Policy (HELP) under the Open Acreage Licensing Policy (OALP). The original notification being amended is No. O32011/4/2013-ONGI, dated June 30, 2017, and published in the Gazette of India on July 8, 2017. The key changes are: 1. **Application Fee/Participation Bond/Bid Bond:** A provision is added to use the Reserve Bank of India (RBI) or Financial Benchmarks India Pvt Ltd (FBIL) exchange rate of the same day or previous working day of Bank Guarantee issuance to convert USD figures to INR. 2. **Bid Evaluation Period:** The timeline for the Directorate General of Hydrocarbons (DGH) to complete bid evaluation and award blocks has been extended. The original target of 45 days from the bid closing date is revised to 10 weeks from the bid closing date. The notification number for this amendment is O-12027/11/2/2018-ONG-II and is issued by Jt. Secy. Amar Nath.

Key Entities Referenced

New Delhi: The city where the notification was issued and where the Government of India Press and Controller of Publications are located. Ministry of Petroleum and Natural Gas: The government ministry issuing the notification. Open Acreage Licensing Policy (OALP): A government policy related to the licensing of oil and gas exploration acreage. Hydrocarbon Exploration Licensing Policy (HELP): A government policy related to hydrocarbon exploration licensing. Reserve Bank of India (RBI): India's central bank, mentioned in the context of exchange rates for application fees. Financial Benchmarks India Pvt Ltd (FBIL): An organization involved in setting financial benchmarks, used for exchange rates. Directorate General of Hydrocarbons (DGH): The government organization responsible for bid evaluation in the context of hydrocarbon exploration. Amar Nath: Joint Secretary who signed the notification.
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