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News Brief | July 2016

Government seeks bids for oil, gas fields in first auction since 2010

Government is putting up for auction nearly four dozen small oil and gas fields in the first such sale in six years, the country┬┤s oil ministry said. India is auctioning a total of 46 oil and gas fields, the oil ministry said, with 26 on land, 18 offshore in shallow water and two in deep water. The deadline for submitting the bids is on Oct. 31, with companies free to try for more than one exploration block. A successful auction of the small oil and gas fields is seen as crucial to a recently announced hydrocarbon policy, which India hopes will unlock energy resources worth $40 billion by simplifying rules and offering pricing incentives.
Contact: Government of India.
Website: www.india.gov.in
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