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

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

Oracle Adds AI Capabilities to Oracle Analytics Cloud

Oracle has showcased new AI-powered capabilities within Oracle Analytics Cloud. Leveraging the Oracle Cloud Infrastructure (OCI) Generative AI service, the new capabilities assist analytics self-service users to more quickly and efficiently conduct sophisticated analysis and make better business decisions

Domestic airlines show 38.27% growth in passenger numbers

The domestic aviation industry has witnessed a remarkable surge in passenger traffic during the first eight months of 2023. According to the latest data analysis, the number of passengers carried by domestic airlines from January to August 2023 reached an impressive 1190.62 lakhs, marking a substantial inc

MPs bid adieu to historic parliament building, step into new building

A function was organised in the Central Hall of Parliament on Tuesday to commemorate the rich legacy of the Parliament of India as the Members came together to bid adieu to the historical building before stepping into the New Building of Parliament. Prime Minister Narendra Modi, Lok Sabha sp

Real action, not words alone, needed to achieve UN agenda 2030: civil society

As politicians and policymakers make speeches at the United Nations during a high-level summit next week to assess the lack of progress on the 2030 Agenda and the Sustainable Development Goals (SDGs), people’s leaders representing some of the world’s most marginalised communities have come toge

Fourth GPFI G20 meeting pledges to work for universal financial inclusion

The fourth G20 Global Partnership for Financial Inclusion (GPFI) meeting held in Mumbai during September 14-16 concluded with members agreeing to work towards the vision of universal financial inclusion under the new G20 Financial Inclusion Action Plan. Over the course of three days, discuss