The Oilmax-Eleven consortium has successfully secured the Kutch offshore oil and gas block under the latest Discovered Small Fields (DSF) bidding round. According to reports from ETEnergyworld, the two companies emerged as the winning bidder after securing the highest bid score in a competitive process. The Directorate General of Hydrocarbons (DGH), under the Ministry of Petroleum & Natural Gas, formally communicated the award through a Letter of Award (LOA). Under the joint venture structure, Oilmax Energy Private Ltd and Eleven, via SAS Infotech, will each hold an equal 50 per cent participating interest in the offshore block. The consortium secured the highest bid score in a competitive process, with the DGH formally communicating the award through a Letter of Award (LoA), as confirmed by the companies in their official statement on Monday.
The award comes as India seeks to strengthen domestic energy production and reduce its dependence on imports. As reported by ETEnergyworld, the country imports nearly 90 per cent of its crude oil requirements and around half of its natural gas requirements. As the world's third-largest energy consumer, India has prioritised the development of domestic hydrocarbon resources to improve energy security and mitigate exposure to global market volatility. The win marks Eleven's entry into India's upstream energy sector, while bolstering Oilmax's exploration and production portfolio nationwide. The move supports India's goal to increase domestic oil and gas production to reduce its dependence on imported energy, leaving it exposed to fluctuations in global prices and supply disruptions.
Kapil Garg, founder and managing director of Oilmax Energy, emphasized the strategic importance of developing domestic resources, stating that "India's energy demand will only rise as the economy continues to grow, and reliable, affordable energy is fundamental to sustaining that growth. Developing our domestic oil and gas resources is essential to reducing import dependence, improving energy security and creating long-term value for the country. We look forward to bringing our technical expertise and experience to this asset." According to ETEnergyworld, Garg added that "For India, energy security is no longer just an economic issue; it is a strategic one. The events of the last few years have shown how quickly global energy markets can be disrupted, which makes increasing domestic production critical." Sunil Sachdeva, co-founder of Medanta and chairman of Eleven, highlighted the critical nature of energy security, noting that "We are delighted to partner with Oilmax and to contribute to an effort that supports India's long-term energy independence."
The partnership combines Oilmax's upstream oil and gas expertise with Eleven's diversified business interests spanning healthcare, financial services, consumer technology, energy and investments. As reported by ETEnergyworld, Eleven, formerly known as SAS Group, was founded by Medanta co-founder Sunil Sachdeva and operates across multiple sectors. Oilmax has an established presence in India's exploration and production sector, with a portfolio of oil and gas assets across the country. For Eleven, the award marks its entry into India's upstream energy sector, representing a significant strategic expansion for the diversified conglomerate. The Kutch award adds to Oilmax's existing exploration and production portfolio, while providing Eleven with an entry point into the upstream energy business.
