Economy

First round of bidding for discovered small fields to begin from July 15

Debabrata Das New Delhi | Updated on January 20, 2018

Dharmendra Pradhan, Minister of State (Independent Charge) for Petroleum and Natural Gas. (file photo)

The first round of bidding for discovered small fields will start from July 15 with the last date of bid submission being kept on October 31.

Dharmendra Pradhan, Minister of State (Independent Charge) for Petroleum and Natural Gas, said the Ministry will aim to complete the contract signing and award of the fields by maximum January 2017.

On offer would be 67 fields clubbed into 46 contract areas. The fields have resources worth Rs 70,000 crore locked and were previously owned by ONGC and Oil India, Pradhan said.

The two companies could not develop the fields because of the small size and unattractive pricing.

"Even if they were offered revenue sharing contract, marketing and pricing freedom, which is being offered to the bidders, ONGC and Oil India may not have been able to develop these fields," Pradhan said after launching the first round of bidding for discovered small fields.

Already 130 wells have been dug in these fields and they have 48 million tonnes of in-place oil reserves as well as 38 billion cubic meters of in-place gas reserves.

Pradhan said that roadshows for the bidding round will begin in Mumbai on June 6. "To attract and encourage start-up companies in the hydrocarbon exploration and production business, we will also host a roadshow in Bengaluru and keeping in mind our focus on developing eastern India, we will have a roadshow in Guwahati," the Minister said.

Published on May 25, 2016

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