Saturday, March 15, 2025 | 09:16 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

India to launch auction of 67 small oil, gas fields on May 25

Image

Reuters NEW DELHI

NEW DELHI (Reuters) - India will launch an auction of 67 discovered small oil and gas fields on May 25, the country's upstream regulator Directorate General of Hydrocarbons (DGH) said on Tuesday.

As many as 67 small fields in 46 contract areas will go under the hammer, the DGH stated on its website.

These fields will be offered under a revenue-sharing model, where the contractor will share a part of the revenue with the government as soon as the production begins.

Last year, state explorers Oil and Natural Gas Corp Ltd and Oil India Ltd had surrendered 69 fields with about 89 million tonnes of hydrocarbon resources.

 

(Reporting by Nidhi Verma; Editing by Sherry Jacob-Phillips)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 10 2016 | 5:38 PM IST

Explore News