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Govt extends Discovered Small Fields policy for boosting domestic production of oil and gas PSU NEWS
The virtual event was attended by more than 450 participants including major E&P players, prospective new entrants and service providers.
New Delhi: The government of India has extended the Discovered Small Fields policy for boosting domestic production of oil and gas. Discovered Small Field (DSF) bid round-III for international competitive bidding was launched today, at an event chaired by Shri Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel. The virtual event was attended by more than 450 participants including major E&P players, prospective new entrants and service providers.
Under DSF bid round-III, 32 Contract Areas comprising 75 discoveries are on offer. These exploratory fields spread over 9 sedimentary basins cover an acreage of about 13,685 sq. km. and have a potential of approx. 230 MMT/1.7 Billion barrels O+OEG.
Delivering his keynote address on the occasion, Shri Pradhan asked DG, Hydrocarbons & the Petroleum Ministry to devise innovative ways for early resource monetisation, including expediting production timelines under DSF I & II. He urged that the work on DSF should be done at exponential speed and on a mission mode to monetise our natural resources for greater public welfare. He said that the inauguration of DSF bid round III is one more concrete step towards unlocking resources.
Shri Pradhan said that the Modi government has consistently revitalised regulatory regimes to prioritise domestic production of oil & gas and to unleash the full hydrocarbon potential of India. He said that the government has had the political capital to carry out reform agendas across the oil and gas sector. Shri Pradhan said that reforms in the E&P sector have simplified procedures, ushered in transparency, removed bottlenecks and made India an attractive hub for new investments.
The Secretary, MoPNG, Director General, DGH and Additional Secretary (Exploration) also spoke on the occasion.
An online pre-bid conference will be scheduled on 30th June 2021 to clarify the doubts of bidders. The bidders will be able to submit their bids till 31st August 2021.
Encouraged by the success of DSF bid rounds-I &II, the Government of India has extended the DSF Policy by launching DSF bid round-III. The previous two DSF rounds had a resounding success. In DSF Round – I launched in 2016, 134 bids were submitted for 34 contract areas by 47 companies. 30 Revenue Sharing Contracts were signed. In DSF Round – II launched in 2018, 145 bids were submitted for 24 contract areas. 24 Revenue Sharing Contracts were signed.
Posted Date : 10-06-21
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