Government trying to bring in startups for open bidding of small oil and gas fields – Feedback

Union minister of petroleum and natural gas, Dharmendra Pradhan said that in the open bidding of small and marginal oil and gas fields which will start next month, government is trying to bring in start-ups to join the process.

Pradhan, who was in GUWAHATI on Saturday, told et that government is working on if the net worth clause for start-ups may be reworked and instead bank guarantee can be taken for the start-ups. ‘Already we have done away with experience clause for the Discovered small fields bid round.” The minister said that bidding will take place for 67 oilfields, out of which 12 are in Northeast India. In these fields there is resources worth Rs 70,000 Crore. “We have simplified the bidding process so that start-ups with new technology can come in. It was start-ups will propelled the growth of Shale gas sector in US.”

http://economictimes.indiatimes.com/industry/energy/oil-gas/government-trying-to-bring-in-startups-for-open-bidding-of-small-oil-and-gas-fields/articleshow/52917056.cms

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