Reuters India quoted unnamed sources involved in the deal as saying the consortium made bids worth $US50 million ($A67.49 million) for two Oman-based blocks.

Oilex, state-run GAIL (India) Ltd, Bharat Petroleum Corp Ltd, Hindustan Petroleum Corp Ltd and private sector company Videocon Industries Ltd have bid together for onshore blocks 56 and 58 located off south Oman salt basin.

GAIL, Oilex and Videocon would each hold a 25% interest in the block after the acquisition, while Bharat Petroleum and Hindustan Petroleum would have 12.5% each, the news agency reports.

Last month, Oman's oil and gas ministry had sought bids for five of its onshore exploration blocks - 54, 55, 56 which sit in the Eastern Flank area, and 57 and 58 in the western margin region of the country.

Reuters said the consortium's bid amount included a signature bonus as demanded by the Oman government.

A signature bonus is an up-front payment representing a fraction of the investment required to extract oil and gas.

In case of a tie between two or more bidders, the Oman government, as per the bidding rules, would offer the block to the party that has offered a higher signature bonus.

The government has also reserved rights for picking up a 20% stake in any block that makes a commercial discovery.

Back in Australia, Oilex told the ASX earlier this week it had executed farm-in and joint operating agreements with two “significant Indian oil and gas companies”, which it did not name, over Great Artesian Oil and Gas’ Otway Basin permit EPP 27.

The agreement would formalise a prior farm-in agreement signed with Great Artesian, in which Oilex could earn a 60% participating interest in the permit by completing a well commitment.

Under the new deal, both Indian companies and Oilex would be entitled to earn a 20% interest in EPP 27 by sharing the cost of a $2 million seismic program and drilling one exploration well.

Great Artesian would keep the remaining 40% interest in the permit, Oilex said.