Auction of 60 oil and gas fields to private firms approved
 Source : NewsBharati  Date : 10-Feb-2018

New Delhi, February 10: In the Second auction of Discovered Small Field round, the Centre gave a nod to auction 60 oil and gas fields of Oil and Natural Gas Corporation (ONGC) and Oil India.

Oil minister Dharmendra Pradhan said on Thursday said the Cabinet last evening approved the second round of Discovered Small Fields (DSF) auction with a view to quickly put the fields into production to help cut India’s dependence on imports to meet its energy needs.

According to Ministry of Petroleum and Natural Gas “Out of 60, 22 fields belong to the ONGC, while 5 belong to the OIL, 12 to the renounced discoveries from the NELP blocks and 21 are retained due to enough response from investors. These fields are expected to hold 194.65 MMT oil and gas among them.”

These discoveries are estimated to have 194.65 Million Metric Ton (MMT) oil and oil equivalent gas in place. These fields will be developed and monetized faster thereby augmenting 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.

In the first round, contracts for 31 fields were signed last year. The fields signed off in first round envisage a cumulative peak production of around 15,000 barrels per day of oil and 2 millions standard cubic meters of gas.