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

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool

Indian Railways celebrates 171 years of its pioneering journey

The Indian Railways is celebrating 171 glorious years of its existence. Going back in time, the first train in India (and Asia) ran between Mumbai and Thane on April 16, 1853. It was flagged off from Boribunder (where CSMT stands today). As the years passed, the Great Indian Peninsula Railway which ran the

Vasudhaiva Kutumbakam: How to connect businesses with people

7 Chakras of Management: Wisdom from Indic Scriptures By Ashutosh Garg Rupa Publications, 282 pages, Rs 595

ECI walks extra mile to reach out to elderly, PwD voters

In a path-breaking initiative, the Election Commission of India (ECI), for the first time in a Lok Sabha Election, has provided the facility of home voting for the elderly and Persons with Disabilities in the 2024 Lok Sabha elections. Voters above 85 years of age and Persons with Disabilities (PwDs) with 4

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter