Union Cabinet approves auction of 60 Discovered Small Fields of ONGC, OIL

Feb 9, 2018 10:43 IST
Union Cabinet approves auction of 60 Discovered Small Fields of ONGC, OIL

The Union Cabinet on February 7, 2018 approved the Discovered Small Fields (DSF) Policy Bid Round-II of 60 un-monetised discoveries of ONGC and OIL under Nomination and Relinquished Discoveries.

Out of these 60 un-monetised discoveries, 22 fields belong to of Oil and Natural Gas Corporation (ONGC) Limited, 5 belong to Oil India Limited (OIL) and 12 are abandoned fields from the New Exploration and Licensing Policy (NELP) Blocks.

The remaining 21 fields are the ones left behind after DSF Bid Round-l. These 21 fields were put on offer but could not be awarded due to insufficient response from the investor.

The Discovered Small Field Policy was notified by the Union Government on October 14, 2015.

Highlights of the 60 un-monetised discoveries of fields
• These discoveries are estimated to have 194.65 Million Metric Ton (MMT) of oil and oil equivalent gas in place.

• These fields will be developed and monetized faster, thereby augmenting production of oil and gas resulting in enrichment of energy security of the country.

• It is expected that the investments into these fields will lead to generation of over 88000 jobs through direct, indirect and induced employment.

• Empowered Committee of Secretaries (ECS) comprising of Secretary (Petroleum & Natural Gas), Secretary (Expenditure) and Law Secretary will finalize and approve the Model Revenue Sharing Contract, Notice Inviting Offer (NIO) and other documents for Discovered Small Fields Bid Round-II.

• The award of contract will be approved by the Union Ministry of Petroleum and Natural Gas and Union Ministry of Finance, based on the recommendations of Empowered Committee of Secretaries.

This Discovered Small Field Policy has also been extended for future rounds of bidding.

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