(FE)
The Cabinet on Wednesday approved addition of another 60 discovered small fields (DSFs) to be auctioned later this year. These will be offered in the Discovered Small Fields Policy Bid Round II in addition to the ones left from the first round last year. The Cabinet had in September 2015 approved 69 marginal fields to be offered under the DSF policy. Out these, 67 DSFs were clubbed into 46 contract areas and put on offer through online international competitive bidding. In March 2017, 31 contracts were signed with 22 companies, of which 15 were new entrants and the estimated total revenue of from these fields is around Rs 46,400 crore. Fields offered under the DSF policy were relinquished by ONGC and Oil India.
In a release on Wednesday, the government said the 60 fields being added have a total of 194.65 mt of oil and oil equivalent in place and will create 88,000 jobs. “These fields will be developed and monetised faster, thereby augmenting production of oil and gas leading to enhance energy security of the country,” a release said.
