India to auction 60 small discovered oil, gas fields
New Delhi: India will auction 60 discovered small oil and gas fields with the potential to produce 194.65 million tonnes of oil and oil equivalent gas, the government said in a tweet after a cabinet meeting.
Blocks that will be auctioned were originally controlled by Oil and Natural Gas Corp and Oil India Ltd. The fields have remained undeveloped for years due to their small size and the high cost of development.
India, the world’s third-biggest oil consumer, imports nearly three-quarters of its energy requirements, but Prime Minister Narendra Modi has set a target of cutting its fuel import dependency to two-thirds by 2022 and to half by 2030.
India’s previous auction of discovered small fields in 2016 was dominated by small Indian bidders. Reuters
- India congratulates China on its election as vice-president of FATF
- MWC 2018: Samsung Galaxy S9 is not fixing what already works well, but packs better cameras
- MWC 2018: Nokia looks at the past and the future, and tries to perfect both
- Worker rights in India:when actions fail words
- Do companies walk the talk on investing in communities?