Union Minister of State for Petroleum Dharmendra Pradhan on Wednesday said the government has taken a decision to monetise unutilised natural resource of 69 discovered oil fields.
"The government has made a plan to monetise the 69 oil reserves, so that the production of petroleum can increase. These 69 discovered oil fields which are lying un-utilised, have a worth Rs. 70,000 crores of resources and it will be monetised soon," said Pradhan.
"In last seven decades there 116 discovered oil fields, but there was no production at all," he added.
He also said that a revenue sharing model will be implemented in the hydrocarbon sector for the first time.
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