Centre approves auction of 60 oil and gas fields

ANI |   Feb 08,2018 , 10:27 AM IST

Centre approves auction of 60 oil and gas fields
Centre approves auction of 60 oil and gas fields

New Delhi : The Centre approved offering of 60 oil and gas fields of ONGC (Oil and Natural Gas Corporation) and Oil India Ltd, among others in the second auction of Discovered Small Field round.

Out of these, 22 fields and discoveries belong to the Oil and Natural Gas Corporation (ONGC) Limited, five belong to the Oil India Limited (OIL) and 12 are relinquished discoveries from the New Exploration and Licensing Policy (NELP) Blocks.

In addition, 21 fields and discoveries are remaining from the DSF Bid Round-I which were put on offer but could not be awarded due to insufficient response from the investor.

These discoveries are estimated to have 194.65 Million Metric Ton (MMT) oil and oil equivalent gas in place.

These fields will be developed and monetized faster thereby augmenting production of oil and gas leading to enhance energy security of the country.

It is estimated that investments into these fields will lead to generation of over 88,000 jobs as direct, indirect and induced employment.

This policy has also been extended for future round of bidding.