India to Showcase Marginal Oil, Gas Finds at US Meet

India will showcase small and marginal oil and gas field discoveries at a global energy conference in the US beginning on Monday, reported Indo Asian News Service (IANS)

India’s oil minister Dharmendra Pradhan and senior officials will travel to the IHS CERAWeek Conference in Houston being held from February 22-26.

The Indian government announced last September that it will auction 69 small and marginal oil and gas fields on a new revenue sharing model, where bidders will quote the revenue they will share with the government at both low and high ends of the price and production band.

The new revenue sharing model will replace the controversial production sharing contracts (PSCs), IANS reported.

Of the 69 fields of state-run explorers of Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) which are to be auctioned, 27 are in Mumbai offshore while another 15 are in the Krishna Godavari (KG) basin. On offer are also 10 discoveries in the Assam Shelf.