India to Auction 60 Small Discovered Oil, Gas Fields

Posted by Michelle Howard
Wednesday, February 7, 2018
India will auction 60 discovered small oil and gas fields with the potential to produce 194.65 million tonnes of oil and oil equivalent gas, the government said in a tweet after a cabinet meeting.

Blocks that will be auctioned were originally controlled by Oil and Natural Gas Corp and Oil India Ltd. The fields have remained undeveloped for years due to their small size and the high cost of development.

India, the world's third-biggest oil consumer, imports nearly three-quarters of its energy requirements, but Prime Minister Narendra Modi has set a target of cutting its fuel import dependency to two-thirds by 2022 and to half by 2030.

India's previous auction of discovered small fields in 2016 was dominated by small Indian bidders.

Reporting by Nidhi Verma and Sudarshan Varadhan
Categories: Energy Finance

Related Stories

Russia's Lukoil Takes Up Gunvor’s Offer for Foreign Assets

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

US Pressure on India Could Propel Russia's Shadow Oil Exports

ABL Secures Rig Moving Assignment with India's ONGC

Pakistan, Türkiye Deepen Oil and Gas Ties with Offshore Indus-C Block Deal

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Seatrium Secures ABS Backing for Deepwater FPSO Design

Brownfield Output Decline Accelerates, says IEA

Floating Offshore Wind Test Center Planned for Japan

Current News

Russia's Lukoil Takes Up Gunvor’s Offer for Foreign Assets

How Hot Is Your Cable? Understanding Subsea Cable Thermal Performance

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com