Government to auction 60 more oil and gas fields to private firms – Feedback

Government will offer 60 more discovered oil and gas fields, holding 195 million tonnes of reserves, in the second auction round this year, oil minister Dharmendra Pradhan said on Thursday. Pradhan said the Cabinet last evening approved the second round of Discovered Small Fields (DSF) auction with a view to quickly put the fields into production to help cut India’s dependence on imports to meet its energy needs.

Out of the 60 fields, 22 fields belong to state-owned Oil and Natural Gas Corp (ONGC) and 5 were discovered by Oil India Ltd (OIL). These fields had been taken away from the two firms for not developing them for various reasons including uneconomical size. A dozen fields to be offered in DSF-II were relinquished fields/discoveries from blocks offered in bids rounds under New Exploration Licensing Policy (NELP) since 1999,.

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