Directorate General of Hydrocarbons (DGH), the technical arm of the Ministry of Petroleum and Natural Gas is inviting bids (through International Competitive Bidding mechanism) for these areas which hold 625 Million Barrels of Oil and Oil Equivalent Gas (O+OEG) in-place volumes, spread over 1500 sq. Km. ( in 26 Onland, 18 shallow water and 2 Deep water areas.
Several key features of the bid round were discussed such as – single uniform license for conventional as well as unconventional hydrocarbon resources, Revenue Sharing Contract Model replacing the erstwhile Production Sharing Contract Model, freedom in pricing and marketing for oil and gas produced and various fiscal incentives such as no oil cess, exemption of custom duty and graded royalty rates. The new policy regime emphasizes India’s commitment for implementation of reforms to enable ease of doing business.
The Indian High Commissioner at Singapore, Vijay Thakur Singh impressed upon the India – Singapore trade relations and highlighted the efforts made from both the respective governments to improve the investor sentiment as well as strengthen the economic ties.
K. D. Tripathi, Secretary, MoPNG quoted ‘Singapore as India’s foremost partners in the Asia Pacific region across economic sectors such as pharmaceuticals, chemicals, maritime and energy is the root rationale for conducting the event in Singapore’. He also urged the investors to invest in the available opportunity to accelerate India’s success and be associated with its 125 year old Hydrocarbon Industry.
Addressed Roadshow on Small Discovered Blocks in Singapore;abt 200 delegates/potential investors participated in it pic.twitter.com/f1qjA18yND
— Dharmendra Pradhan (@dpradhanbjp) September 9, 2016
As part of the interactive meet at Singapore, there were multiple presentations with regards to Ease of Doing Business in India as well as on details of the new bid round.
Atanu Chakraborty, Director General, DGH gave a detailed presentation on the exploration and production regime in India, attractive features of the bid round, bid qualifying criteria and parameters. He highlighted the benefits of the transparent HELP policy and also discussed the success of the new bid round in terms of participation and media coverage at earlier events.
Minister Pradhan urged participants to invest in the discovered small fields and join hands to accelerate India’s success and become the driving factors for global growth.
The Indian Government delegation also conducted a roundtable interaction with industry players to discuss aspects related to the bid round. Later, the Minister, MoPNG also conducted one on one interactions with key industry players
Government of India has recently introduced various flagship programmes such as Make in India, Digital India and Smart City in addition to various others that have presented great opportunities for prospective bidders to be a part of India’s fast paced growth story. Also, reforms under ease of doing business enable a facilitative regime for businesses to setup and operate in India. In continuation of this, the Discovered Small Field Bid Round 2016 has also been introduced under a transparent, simplified and facilitative regime.
Latest posts by Team EnergyInfraPost (see all)
- Global Crude Oil Price Of Indian Basket Was US$ 50.56 Per Bbl On 22.08.2017 – August 23, 2017
- ‘Make In India’ Will Put India On Global Manufacturing Map:report – August 23, 2017
- India’s Wind Power Capacity May Grow By Eight-fold To 185 GW By 2030: Report – August 22, 2017