India will kick off an auction of 67 small oil and gas fields on May 25 that will test the response of investors to recent policy measures such as the revenue-sharing model and gas pricing freedom.
The Directorate General of Hydrocarbons (DGH), the technical arm of the oil ministry, has announced on its website that oil minister Dharmendra Pradhan will launch the discovered small fields bid round on May 25 in Delhi. “A total of 67 discovered small fields will be offered in 46 contract areas through the new revenue sharing model,” the DGH said in its notice inviting interested parties to register for the launch. Separately, the DGH has sought bids from consultants for promoting the auction at international roadshows meant to showcase fields to potential investors. It has also sought event managers for the roadshows.