Oil Ministry kicks off first roadshow for auction of 46 oil & gas fields

07 Jun 2016 Evaluate

Promising a transparent regulatory regime and greater ease of doing business, Union Oil Minister Dharmendra Pradhan kicked off the first road show for auctioning 46 discovered small oil and gas fields. He expressed confidence of getting good response for the blocks which are being
sold with least conditionalities and added that the bid round aims to boost the oil and gas production and is in line with the government mission of reducing import dependence by 2022 by 10 per cent from the present 78 per cent which the country meets through imports.

Pradhan said that the government is offering for bidding 67 discovered small fields in 46 contract areas spread over nine sedimentary basins on land and in shallow and deep water areas. Of the 46 small fields, 26 are on land, 18 offshore in shallow water and two in deep water. While 28 discoveries are in the Mumbai offshore, another 14 are in the east coast's Krishna Godavari basin. The fields offered hold 625 million barrels of in-place of oil and gas reserves of oil or oil equivalent gas of in-place reserves worth Rs 70,000 crore. The present auctions, to be conducted on simpler contractual terms together with pricing and marketing freedom, will be the first licensing round in over five years.

These blocks were originally discovered by ONGC and Oil India some 40 years ago, but surrendered these fields as they could not develop them because of huge overhead cost and uneconomic size. However, Pradhan said that these national exploration companies will not get compensation from the bidders at all. Bidding will open on July 15 and will end on 31st October 2016. In two months investors will be selected and contracts will be signed by January.

Pradhan added that the current auction and recently announced Hydrocarbon Exploration and Licensing Policy (HELP), are both significant improvements over the previous New Exploration Licensing Policy (NELP) regime. NELP was based on production sharing contract (PSC) which meant revenue sharing with government after cost recovery by the contractor. In March 2012, the last exploration licensing round was concluded which was the ninth round of bidding under NELP where a total of 256 blocks were awarded. Further, the next round of roadshows will be held in Bengaluru and Guwahati, while international roadshows will be conducted in London, Houston, Calgary in Canada, Dubai, Singapore and Perth in Australia.

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