Government to auction 69 marginal fields of ONGC, Oil India

New Delhi, April 21:

The government will soon auction 69 marginal oil and gas fields to be surrendered by state-run Oil and Natural Gas Corp. and Oil India, a top official said on Tuesday.

“Marginal field policy will have approval soon for 69 fields which ONGC and Oil India have agreed to give. We hope to put them for bidding,” Petroleum Secretary Saurabh Chandra told reporters here on the sidelines of a conference on hydrocarbons organised by industry chamber FICCI.

Chandra said that the two state ventures would invest $6 billion in exploration and production in the current fiscal towards ramping up oil and gas production.

The ministry is expected to unveil a new bidding mechanism based on the revenue-share model as recommended by the C. Rangarajan Committee for the 69 small and marginal fields.

It is also expected to auction hydrocarbon acreages under the next, 10th, round of the New Exploration and Licensing Policy (NELP) on the revenue sharing model.

The petroleum ministry also intends to offer an attractive fiscal regime for those who bid for the marginal fields. (IANS)