LogIn LogOut

India to Auction 60 Small Discovered Oil, Gas Fields

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: Finance Energy News


Current News

More Than Two Dozen Missing after Ship Snaps in Two, Sinks Off Hong Kong

More Than Two Dozen Missing after Ship Snaps in Two, Sinks Off Hong Kong

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

Russia's Control of Sakhalin Project Could Pose Upside Risk to LNG Prices

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

Russia to Replace Sakhalin-2 Project Operator with New Firm

Russia to Replace Sakhalin-2 Project Operator with New Firm

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop
photo

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