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Centre to auction 69 marginal oil fields to private players

69 fields were left idle by ONGC and Oil India after finding it difficult to put these acreages under production.

By: ENS Economic Bureau | New Delhi |
April 22, 2015 2:53:19 am
oil fields, oil fields auction, auction oil fields, petroleum ministry, ONGC,  Oil India,  OIL, business news These 69 fields were left idle by ONGC and Oil India after finding it difficult to put these acreages under production since they are ‘not economically viable.’

The petroleum ministry would soon auction 69 small and marginal fields taken away from PSU firms ONGC and Oil India, petroleum secretary Saurabh Chandra said on Tuesday. Auctioning small and marginal fields afresh with attractive incentives is in keeping with the government’s plan to pick low-hanging fruits for increasing the country’s oil and gas output.

“Marginal field policy will have approval soon and 69 fields, which ONGC and OIL very happily have given up, will be put (up for bidding). We hope to put them out to bidding soon,” Chandra said at an industry conclave organised by Ficci. He did not divulge details of the reserve in these fields. The bidding of marginal fields would be on the basis of revenue share or the share of oil and gas a bidder offers to the government upfront, and work programme.

These 69 fields were left idle by ONGC and Oil India after finding it difficult to put these acreages under production since they are ‘not economically viable.’

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