Word from Industry

Indian government approves contract awards for 44 oil & gas field.

February 23, 2017

In order to reduce the import dependency, and to make optimum utilization of domestic resources, Indian government has awarded rights for 44 discovered oil and gas field to newcomers. In September 2015, the Cabinet Committee on Economic Affairs had approved the auction of 69 small and marginal fields. Out of these, 67 discovered small fields were clubbed into 46 contract areas and put on offer through online international competitive bidding. A total of 47 companies submitted their bid, out of which 43 are Indian Companies and rest 04 are foreign companies.It is indicated that 15 companies out of 22 companies who received contract to explore fields are new entrants.

These contracts are expected to contribute to the faster development of fields and facilitate in production of oil and gas, thereby reducing country’s dependency on imports and increasing energy security of the country.

Source : www.thehindu.com