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Auction of 25 oil and gas fields in India deferred by a month - DGH

Gasoil News - Published on Mon, 17 Dec 2018

Image Source: ET
PTI quoted upstream regulator Directorate General of Hydrocarbons (DGH) as saying that the government has deferred the auction of 25 oil and gas fields by one month that hold resources worth an estimated INR 1 lakh crore. The second round of Discovered Small Fields (DSF) auction opened in August and December 18 was the last date for submission of bids. DGH said in a tweet "Due to consistent demand of investors, the last date for submission of bids for India DSF Bid Round-II is now extended till 1200 hrs January 18, 2019.”

The DGH said that bids will be opened on the same day.

The government had planned to offer 60 discoveries clubbed into 26 contract areas spread over 3,100 sq km in DSF-II but curtailed the offer to 25 areas comprising 59 discoveries due to some unexplained technical difficulty. In DSF-II, 59 discoveries have been clubbed into 25 contract areas spread over 3,042 square km and eight sedimentary basins.

In the DSF-I round, INR 34,600 crore of resources were bid out. A total of 134 bids were received for 34 blocks out of 46 on offer. The government is expecting a revenue of INR 9,000 crore from fields bid out in DSF-I, with first oil expected in 2020.

In 2016, the government brought in a new DSF policy wherein 'idle' small discovered fields of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) were taken away from the companies and auctioned to private players on liberalised terms including marketing and pricing freedom and lower taxes.

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Posted By : Nanda Koijam on Mon, 17 Dec 2018
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