India’s sedimentary map. source: DGH.
India will offer 67 small fields in the fourth quarter of this year, aiming to produce from an estimated one trillion cu ft of natural gas.
The fields, in 41 clusters, were discovered by Oil and Natural Gas Corp and Oil India Ltd, said Rajeev Kumar Sinha, chief technical officer at India’s Directorate General of Hydrocarbons (DGH).
The development of these fields is economically viable in the current level of oil prices which has also brought down cost of support services including drilling rig chartering by 50 per cent.
The DGH is introducing Revenue Sharing Contract with flexibility of exploiting and continuing prospecting hydrocarbon resources, replacing Production Sharing Contract which had a fixed exploration, development and production phases.
The DGH will hold roadshows for the ‘Discovered Small Fields Bid Round 2016’ in the coming months at Mumbai, London, Houston, Singapore, Perth, Calgary and Dubai.
All bids for developing the fields will be register online.
It would take about three years to develop these fields through submarine production systems linked to existing oil and gas production network.
Over the longer term, DGH is working on plans to develop 12 blocks in the country’s deep water basins, including the 98/2 block under ONGC, said Sinha. fii-news.com
