Auc­tion of small oil, gas fields starts

India Business Journal - - NEWS ROUND-UP -

In­dia has launched its sec­ond auc­tion of small dis­cov­ered oil and gas blocks as it looks to mon­e­tise its hy­dro­car­bon re­sources quickly. The bid­ding for 25 con­tract ar­eas cov­er­ing 59 fields will be­gin in the first week of Septem­ber and close on De­cem­ber 18. The con­tracts will be awarded in Jan­uary 2019. The blocks of­fered un­der the lat­est round have re­serves of about 1.4 bil­lion bar­rels. Of the 25 con­tract ar­eas on of­fer, 15 are on land and 10 are shal­low wa­ter. The max­i­mum in-place re­serves on of­fer are in the Mum­bai off­shore basin.

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