Auctioning of 69 marginal oil and gas fields owned by Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) would be held soon, said oil secretary Saurabh Chandra on Tuesday.

"Marginal field policy will have the approval for 69 fields which ONGC and Oil India have agreed to give. We hope to put them for bidding," Chandra said in New Delhi.

Saurabh Chandra said that the two state explorers would invest $ 6 billion in exploration and production in the year ending March 2016, as they look to arrest declining oil and gas production.

The auctions will be on a new revenue-sharing model. The petroleum ministry has floated a note for the cabinet committee on economic affairs for auctioning the fields that state-owned firms are “surrendering” because they were uneconomical to develop due to the government’s mechanism.

Companies, offering the maximum revenue share or percentage of oil and gas to the government and committing to do more work, will win the field.

The weightage for revenue share will be 80 percent while 20 percent would be for work programme that may include drilling of exploratory and development wells and seismic studies. As many as 63 discovered oil and gas fields are being surrendered by ONGC and another six by OIL. Developing these small and marginal fields was uneconomical after paying for fuel subsidies.

Meanwhile, the ONGC stock price was quoted at Rs 326.15, up Rs 4.40, or 1.37 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 301.00. The company's trailing 12-month (TTM) EPS was at Rs 21.84 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 14.93.