India to fast-track monetization of petroleum resources, says Das
The Government has opened up ‘No-Go’ areas in Exclusive Economic Zones (EEZs) for exploration and production, adding one million sq km of acreage for further hydrocarbon prospecting, said Petroleum Secretary Pankaj Jain.
Addressing the industry stakeholders at the award of 35 contracts to 14 domestic companies for hydrocarbon exploration and coalbed methane exploitation on 9 Sept 2022, he also informed that the Government is taking initiatives to manage the demand side by increasing the efficiencies of energy systems.
“India is undergoing a transition in energy. Gas is a transition fuel. We are also moving towards bio-fuels, renewables and hydrocarbons.”
India’s share in global energy consumption is going to rise from 7% in 2019 to 13-14% in 2050, Jain pointed out.
Meanwhile, Director General of Directorate General of Hydrocarbons, SCL Das noted that such contracts between the Government and national oil and gas companies will enable India to fast-track monetization of discovered fields in a projectized manner.
“There are 75 discoveries across 32 contract areas, including two-thirds in offshore basins. This round gives more incentives as required by the industry,” he said at the contract signing ceremony.
The DSF-III bid round 2021 was launched by the Government on 10 June 2021. A total of 75 fields (Nomination and PSC Regime) under the Discovered Small Field Policy were clubbed in 32 Contract Areas (11 Onshore and 21 Offshore) for offer under DSF-III.
ONGC participated in the bidding and subsequently won 6 contract areas. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL).
The CBM special bid round 2021 was launched by the Government on 22 September 2021 and concluded on 31 May 2022 with a total of 15 blocks under offer.
ONGC participated in the bidding of 2 blocks and won one block each in Jharkhand and Madhya Pradesh. fiinews.com
