India to Auction 60 Small Oil, Gas Fields

Indian cabinet chaired by prime minister Narendra Modi February 7 approved second round of auction of 60 small oil and gas fields under the Discovered Small Field Policy (DSF) notified October 10 2015, Indian oil ministry said in a statement.

Out of these, 22 fields belong to of Oil and Natural Gas Corporation (ONGC), five belong to Oil India (OIL) and 12 are relinquished fields from the New Exploration and Licensing Policy (NELP) Blocks. In addition, 21 fields are remaining from DSF Bid first round which were put on offer but could not be awarded due to insufficient response from the investor.

These discoveries are estimated to have 194.65mn metric tons of oil equivalent in place.

These fields will be developed and monetised faster thereby augmenting production of oil and gas leading to enhance energy security of the country, the ministry said.

The award of contract will be approved by the oil and finance minister based on the recommendations of an empowered committee of secretaries.