Team EnergyInfraPost
India will soon launch the second round of auction of DSF or discovered small oil and gas fields of state- owned ONGC and Oil India Ltd, Union petroleum and natural gas minister Dharmendra Pradhan said on Monday.
“Discovered Small Fields (DSF) round-II is coming soon,” the minister said after presiding over the signing of contracts for 31 small discovered oil and gas fields that were auctioned in the first bid round in more than six years.
“Government is now working towards a second round of DSF Bidding, and shall also be rolling out the Hydrocarbons Exploration and Licensing Policy (HELP) through the Open Acreage Licensing (OAL) mechanism shortly, which shall provide good opportunity for more E&P investment. He added that the Ministry is also working on Performance Enhancing Contracts (PEC) and on mechanisms to incentivize EOR in India.”
Most contracts were bagged by state-owned oil firms including IOC, BPCL, HPCL besides some lesser known companies like Megha Engineering & Infrastructure, KEI-RSOS Petroleum, Enquest Drilling and Nippon Power.
While stating that there has to be accountability, the minister added that for a nation that is 80% import dependent cannot afford to see its largest lease holder (ONGC) sit idle.
Presided over the signing of contracts for Discovered Small Field(DSF) Bid Round 2016 at New Delhi today. pic.twitter.com/gMPd6pce9G
— Dharmendra Pradhan (@dpradhanbjp) March 27, 2017
The Minister said that the cumulative peak production from the awarded fields is expected to be around 15000 BOPD of oil and 2 MMSCMD of gas over the economic life.
As per DGH’s estimates, the total revenue would be approximately Rs. 46,400 crores, of which royalty collection and Government’s revenue share is expected to be around Rs. 5,000 crores and Rs. 9,300 crores, respectively. It is also estimated that employment for ~37,500 persons would be generated through the awarded fields.
Alongside, the Minister also inaugurated a two way Interactive Portal for DSF in line with Ease of Doing Business (which is available at www.dghindia.gov.in/dsfportal) which has been developed by DGH to facilitate contract management and redressal of queries.
India to soon launch the second round of DSF bidding, Dharmendra Pradhan added by Team EnergyInfraPost on
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