Vedanta to spend $245 m to explore 10 OALP blocks.

Vedanta Ltd. said in a statement recently it will spend $245 million over three-fours years on exploration in the 10 blocks it has won in the second and third rounds of bids under the Open Acreage Licensing Policy (OALP).

The 10 blocks include seven onshore ones and three offshore ones. The capital expenditure will be met by using the group’s existing cash resources.

The exploration will include an Initial Exploration Phase and a Subsequent Exploration Phase. “The exploration period will be six years for all the blocks, subject to any extension granted. The development and production period of each contract will be a maximum of 20 years from the date of grant of the petroleum mining lease,” Vedanta said.

HBL