Government to auction 69 small, marginal oil fields

The government plans to auction 69 small and marginal oil and gas fields to private firms on a new revenue sharing model, oil minister Dharmendra Pradhan has said. As many as 63 discovered oil and gas fields are being surrendered by state-owned Oil and Natural Gas Corp (ONGC) as they were found to be uneconomic for a large firm with huge overheads to develop or bring to production. Smaller firms with a fraction of operating cost can develop them at much faster and economic rate. Under the revenue sharing model, bidders will have to state how much oil & gas they´ll share with the government.