ALSO READONGC-HPCL deal: State-run oil firms to see more integration, says Pradhan ONGC buys govt's entire 51.11% stake in HPCL for Rs 369 billion Govt to extend Urja Ganga gas pipeline project to North Eastern states ONGC raises Rs 180 billion loan to part finance acquisition of HPCL Oil & gas producers to gain as crude rises, refiners to be hit
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for extending the Discovered Small Field Policy notified on 14.10.2015 to identified 60 discovered small fields / un-monetized discoveries for offer under the Discovered Small Field Policy Bid Round-ll. Out of these, 22 fields/ discoveries belong to of Oil and Natural Gas Corporation (ONGC) Limited, 5 belong to Oil India Limited (OIL) and 12 are relinquished fields / discoveries from the New Exploration and Licensing Policy (NELP) Blocks. In addition, 21 fields / discoveries are remaining from DSF Bid Round-l which were put on offer but could not be awarded due to insufficient response from the investor.
- These discoveries are estimated to have 194.65 Million Metric Ton (MMT) Oil and oil equivalent gas in place.
- These fields will be developed and monetized faster thereby augmenting production of oil and gas leading to enhance energy security of the country.
- It is estimated that investments into these fields will lead to generation of over 88,000 jobs as direct, indirect and induced employment.
- This policy has also been extended for future round of bidding. Empowered Committee of Secretaries (ECS) comprising of Secretary (Petroleum & Natural Gas), Secretary (Expenditure) and Law Secretary will finalize and approve Model Revenue Sharing Contract, Notice Inviting Offer (NIO) and other documents for Discovered Small Fields Bid Round-ll.
- The award of contract will be approved by the Minister of Petroleum and Natural Gas and Minister of Finance based on the recommendations of ECS.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)