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.

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