Govt to bid 60 small fields having 194.65 MMT oil and oil equivalent gas

It is estimated that the government will generate 88,000 jobs as direct, indirect and induced employment

GN Bureau | February 8, 2018


#PSU   #ONGC   #OIL  

The cabinet has approved the plan to conduct round two of Discovered Small Field (DSF) auction of 60 discovered small fields/un-monetised discoveries.

Out of these, 22 fields/discoveries belong to ONGC, five belong to Oil India Limited (OIL) and 12 are relinquished fields/discoveries from the new exploration and licensing policy (NELP) blocks.

Besides, 21 fields are remaining from DSF Bid round one which were put on offer but could not be awarded due to insufficient response from the investor.

The discoveries are estimated to have 194.65 million metric ton (MMT) oil and oil equivalent gas in place and they will be developed and monetised faster to augment production of oil and gas, leading to enhance energy security of the country.

It is estimated that investments into these fields will lead to generation of over 88,000 jobs as direct, indirect and induced employment.

This policy has also been extended for future round of bidding. Empowered Committee of Secretaries (ECS) will finalise and approve Model Revenue Sharing Contract, notice inviting offer (NIO) and other documents for DSF bid round two.
 

Comments

 

Other News

Harnessing the demographic capital: how effective are skilling programmes?

Probing data concerning increased job creation and the decline in unemployment has been holding the attention of economists and been subject of discussions in several think tanks in the preceding months. The NITI Aayog reports that 3.53 million new jobs were created between September 2017 and February 2018

It`s time to Unlock now, with economic focus

With Lockdown 4 ending Sunday, the home ministry has issued new guidelines to fight COVID-19 and for phased re-opening of areas outside the Containment Zones. The guidelines, issued based on extensive consultations held with states and UTs, will be effective from June 1 till June 30. The first phase of reo

Small kitchen gardens turn saviours for Gujarat tribal families

When the whole world is fighting COVID-19, food and nutrition security has become a major issue. The pandemic has aggravated the existing food crisis in India, especially in rural and tribal regions. There has been less availability of fresh foods in most parts of the country, and the tribal community has

India will set example of post-Covid-19 economic revival: Modi

India is determined to “set an example” for the rest of the word in the post-pandemic economic revival, prime minister Narendra Modi has said, underling the need to become self-reliant. “There is also a widespread debate on how the economies of various countries, including

3,543 ‘Shramik Special’ trains transport 48 lakh people in 26 days

Close to 48 lakh migrant labourers have been able to reach home from the cities they were working in, as the Indian Railways have run a total of 3,543 “Sharmik Special” trains from May 1. Following the home ministry order regarding the movement by special trains of migrant worker

How Jeevan Raths have helped 52,000 migrants in Maharashtra

Before the novel coronavirus hit it, Mumbai about 10-12 lakh labourers from elsewhere had made it their home. The figure for the state of Maharashtra was another 18-20 lakh. As the pandemic spread and the Maximum City emerged as the worst-hit place in India, all economic activities came to an end, and with



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter