Home » Government to auction 69 small, marginal oil fields

Government to auction 69 small, marginal oil fields

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.

Comments

Leave a Reply