Government plans to lure start-ups for open bidding of small and marginal oil and gas fields

Government plans to lure start-ups for open bidding of small and marginal oil and gas fields

Government is trying to bring in start-ups for open bidding of small and marginal oil and gas fields.

Pradhan, who was in Guwahati on Saturday, had told financial paper, Economic Times, that government is working on if the net worth clause for start-ups may be reworked and instead bank guarantee can be taken for the start-ups. ‘Already we have done away with experience clause for the Discovered small fields bid round.”

The open bidding of small and marginal oil and gas fields which will start next month. Guwahati roadshow was the second roadshow after Mumbai.

The minister also said that bidding will take place for 67 oilfields, out of which 12 are in Northeast India. In these fields there is resources worth Rs 70,000 Crore. “We have simplified the bidding process so that start-ups with new technology can come in. It was start-ups will propelled the growth of Shale gas sector in US.” “Local entrepreneurs can participate in a big way and make use of IIT Guwahati.”

Assam contributes 10 per cent of total crude oil and natural gas. Only 44 per cent of the resources has been tapped leaving an opportunity to establish and develop the remaining 56 per cent resource base.

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