Government To Auction 66 Oilfields Of ONGC And Oil India For Private Firms


Government To Auction 66 Oilfields Of ONGC And Oil India For Private Firms

India plans to auction 66 small oil and gas fields of Oil & Natural Gas Corporation Ltd. and Oil India Ltd. as it tries to step up production to reduce the import bill of the world’s third-biggest consumer of fossil fuel.

“These small discovered fields will be auctioned for private companies,” newswire PTI reported quoting Petroleum Minister Dharmendra Pradhan as saying. Sixty-two fields of ONGC and four of Oil India will be auctioned, another government official told BloombergQuint.

The process will be initiated in six months, the official said requesting anonymity. This comes after the Cabinet in its meeting on Feb. 19 decided to revert to a two-decade-old system of awarding areas based  Read More

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