Auction of small oil, gas fields starts
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.