India’s Oil Minister Pradhan Asks Global Investors to Participate in Oil and Gas Auctions


India’s Oil Minister Pradhan Asks Global Investors to Participate in Oil and Gas Auctions

India’s oil ministerDharmendra Pradhan has invited global investors to participate in the auction of oil and gas acreages being conducted by the government under the second round of bidding for Discovered Small Fields (DSF-II) and blocks being awarded under the new Open Acreage Licensing Policy.

“The successful completion of DSF Round-I and OALP-I has given us immense confidence, and the second round of DSF and OALP are being launched,” Pradhan said. He was speaking at a road-show for DSF-II bids in Abu Dhabi.

The minister also said DSF-II includes 60 discoveries with estimated in-place reserves of over 195 Million Tons of Oil and Oil Equivalent Gas (Mtoe). The second round of bids under OALP includes 14 blocks with total area of 29,233 Square Kilometer. Pradhan said India’s oil and gas demand is expected to increase nearly three-fold to 607 Million Tonne in 2040 from 229 MT currently. Read more

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