Modi government to hold second round of small oilfields auction soon


Modi government to hold second round of small oilfields auction soon

The Modi government is planning to soon hold a second round of bidding for discovered small fields very soon, buoyed by the healthy response from investors, including first-time entrants in the hydrocarbon sector, in the just-conducted auctions.

The second round will include 12 acreages which did not receive any bids and also new blocks, a senior official close to the development told ETEnergyWorld. “We will hold DSF II soon. We are currently trying to understand the reason behind investors not showing any interest in the 12-odd contract areas under DSF I,” he said.

The oil ministry launched DSF I in May 2016 under a new liberalized policy under which 46 contract areas consisting of 67 fields spread across nine sedimentary basins were auctioned. The auctions had witnessed 134 e-bids for 34 contact areas of the 46 offered. Later, 22 companies were shortlisted for 31 contract areas of which 15 companies were new entrants with no prior experience in the sector.
The ministry had pegged the indicative gross revenue over the economic life of these fields at Rs 46,400 crore. Read more

Credits: energy.economictime.com

Leave a Reply

Your email address will not be published.