31 contracts approved
The Cabinet Committee on Economic Affairs has approved 31 contract areas (23 on onshore and 8 in offshore) of discovered small fields of #Oil and Natural Gas Corporation (ONGC) and #Oil India Limited (OIL).
It is expected to provide faster development of fields and facilitate production of oil and gas thereby increasing energy security of the country.
In-place locked hydrocarbons volume of 40 Million Metric Tonnes (MMT) oil and 22 Billion Cubic Meters (BCM) of gas will be monetised over a period of 15 years.
A total of 134 e-bids were received for 34 contract areas from 47 companies, 43 of which are Indian companies and rest are foreign companies.
These contract areas have been awarded under the new regime of Revenue sharing Model, said a official press note on 15 February 2017. fii-news.com
