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Govt to auction 60 small oil, gas fields with potential of 194 mn tonnes

The government is estimating generation of 88,000 direct and indirect jobs through the investments in these fields

Oil hits highest since mid-2015, then dips

The Union Cabinet on Wednesday cleared a proposal to conduct the second round of Discovered Small Fields (DSF) auctions, in which 60 oil and gas fields will be up for grabs for investors. About 22 of these fields belong to Oil and Natural Gas Corporation (ONGC) and 5 fileds belong to the Oil India Limited(OIL). Of the rest, 21 fields are the ones which did not find any takers during the first round of DSF and 12 were relinquished discovered fields from the New Exploration and Licensing Policy (NELP) rounds. This is likely to have reserves to the tune of 194.65 Million Metric ...