Auction of small and marginal fields

Sarkaritel
By Sarkaritel November 24, 2016 16:55

Auction of small and marginal fields


25oil_indiaNew Delhi, November 24 In line with Prime Minister’s vision for reduction of India’s oil imports by 10% by 2022, and in a bid to boost domestic oil and gas production, the Ministry of Petroleum and Natural Gas (MoPNG) had announced the Discovered Small Field(DSF) bid round 2016 on 25th May 2016. Discovered small fields are oil and gas blocks which have so far remained commercially undeveloped but have come into focus as the Central Government seeks to boost domestic hydrocarbon production.

The auction of 67 nos. of discovered small and marginal fields (46 Contract Areas) which ended on 21st November, 2016, has received very encouraging response during which multiple bids have been received for different blocks.

Oil India Limited (OIL), India’s second largest National “Navratna” Exploration & Production Company, did not bid directly for any field but is part of four(4) consortiums having some Participating Interest (PI) for few fields, such as, two in the North East, one in Cambay Basin and one in Mumbai Offshore.

Six(6) fields of OIL in the North East (4 Contract Areas) are part of the above auction. In this connection OIL would be facilitating the winners of the above four (4) Contract Areas for the evacuation of oil & gas from these fields through its existing installations located nearby at nominal tariff.

Sarkaritel
By Sarkaritel November 24, 2016 16:55