Round 3 bidding of Discovered Small Fields set for April 1 start

The directorate General of Hydrocarbons (DGH) said that bidding for 75 small and marginal oil and gas discoveries, mostly ONGC owned, that are being offered in the DSF-III bid round will start April 1 and close on May 16.

🗞️ Subscribe Now: Get Express Premium to access the best Election reporting and analysis 🗞️

The third bidding round under the Discovered Small Fields policy (DSF-III) was launched on June 10 last year. The original deadline for submission of bids was August 31, 2021. However, it was postponed to October 29, 2021. The start of bidding was again put off this year to February 1 and closing slated for March 15. As the bid deadline approached, it was again postponed without any reasons being given.

“Bid submission for DSF Bid Round-III will start on April 1, 2022, and end on May 16, 2022,” the DGH said.

DSF-III offers 32 contract areas, comprising 75 fields/discoveries, with a combined total area of more than 13,000 square kilometres, in nine sedimentary basins.

The fields on offer include a few of the nomination fields of national oil company, ONGC, and some of the relinquished/unmonetised discoveries.

According to the DGH, the 32 offered contract areas have a total resource potential of around 230 million tonnes of oil equivalent (MMtoe)/1.7 billion barrels (oil and oil equivalent of gas (OEG)). The government introduced DSF in October 2015 to monetise unmonetised discoveries of state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL). Under the DSF policy, two bid rounds in 2016 and 2018 have been conducted wherein 54 contract areas with 101 fields were offered.  with PTI

Source link

The Press Walla

The Press Walla is the India's fastest growing youth online magazine which covers all latest trending stories from entrepreneurship, business, entertainment etc

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button