• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 11 hours Shale Oil will it self destruct?
  • 6 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 2 hours Iran Captures British Tanker sailing through Straits of Hormuz
  • 11 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Childish Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 3 hours Renewables provided only about 4% of total global energy needs in 2018
  • 15 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 20 hours Today in Energy
  • 11 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 2 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Why Natural Gas is Natural
  • 1 day LA Solar Power/Storage Contract
  • 6 hours U.S. Administration Moves To End Asylum Protections For Central Americans
Oil Market Caps Gains And Losses

Oil Market Caps Gains And Losses

The fear of a new…

An Unexpected Boon For Alberta’s Oil Producers

An Unexpected Boon For Alberta’s Oil Producers

Canadian Light oil prices have…

India Launches $14B Oil, Gas Bid Round

India

India has launched the second round of bidding for small discovered fields, estimated to contain as much as US$14 billion (1 trillion Indian rupees) worth of oil and gas reserves.

The Indian government has launched the Discovered Small Fields (DSF) Bid Round-II, offering 25 contract areas for international competitive bidding. The 25 contract areas contain a total of 59 oil and gas fields in this second round under the DSF policy, following a first competitive round in 2016.

The government has set the deadline for filing of the bids for December 18, 2018.

The signing of contracts with the successful bidders for the 59 discovered small oil and gas fields in the 25 contract areas is likely to take place in January next year, the Indian Ministry of Petroleum said.

Encouraged by the success of the first such round of competitive bidding for small discovered fields, India hopes to attract “massive interest” from the oil and gas industry, especially from private operators, because the government is offering larger field areas in already-producing basins, Indian Minister of Petroleum, Dharmendra Pradhan, said, commenting on the launch of the bid round.

India aims to raise its domestic oil and gas production and possibly cut its massive crude oil import bill as its oil demand is expected to continue to grow in the foreseeable future. Currently, Indian imports around 80 percent of the crude oil it consumes.

Related: Saudi Crackdown On Canada Could Backfire

The second discovered small fields bid round doesn’t require previous technical experience for bidders, allows for easy entry of investors as well as investor-friendly policy, according to India’s petroleum ministry.

There will be a single license issued for all types of oil and gas resources that operators want to pursue in the areas they will have won. Other incentives include no signature bonuses, full pricing and marketing freedom, and reduced royalty rates for shallow water reserves compared to the first DSF-I bid round.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play