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.

 

Govt extends Discovered Small Fields policy for boosting domestic production of oil and gas

 

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

Categories : PSU NEWS

Tag Cloud: PSU NEWS

Similar news

Shri Pralhad Joshi inaugurates Vedanta Cares Covid Field Hospital

Karnataka: Shri Pralhad Joshi Inaugurated Vedanta Cares Covid Field Hospital at Hubballi, Karnataka. This 100-bedded hospital, built by the Vedanta group, will help in providing better healthcare facilities to the people of the region.     Vedanta Cares Covid Field Hospital was in
Posted Date :  12-06-21

Read more

Balmer Lawrie organised two-day vaccination drive

Kolkata:  Balmer Lawrie organised a two-day vaccination drive at the head office in Kolkata. Total 150 employees and their dependants in the eastern region were successfully inoculated with the 1st dose of Covishield on Day one.The second day of the vaccination camp will be organized on June 16
Posted Date :  12-06-21

Read more

DRDO developed 500-bed COVID hospital in Srinagar, becomes operational

Srinagar: A 500-bed COVID Hospital at Khonmoh, Srinagar has become operational. The hospital has been set up by Defence Research and Development Organisation (DRDO) in a short span of 17 days and is funded by PM CARES Fund. This Covid facility includes 125 ICU beds with ventilators, of which 25 are
Posted Date :  12-06-21

Read more

Mr Rahul Mithal selected for RITES's CMD post

New Delhi: Mr. Rahul Mithal has been recommended for the post of Chairman & Managing Director, RITES Limited by the PESB on Friday. He has been selected from the list of seven applicants who were interviewed in the selection meeting. He is currently working as Director (Project & Services),
Posted Date :  11-06-21

Read more

SAIL's net profit goes up by 90.5% to Rs 3850 crore in FY'21

New Delhi: The state-run Maharatna Steel PSU, Steel Authority of India Limited (SAIL) has announced the company’s annual as well as fourth-quarter performance for the financial year FY 2020-21 (FY21) on 10th June 2021. SAIL has exhibited strong performance in all parameters in FY21 despite the unp
Posted Date :  11-06-21

Read more