Diplomacyindia.com


India expects $15.3 bn revenue expected from 59 oil, gas fields

India expects $15.3 bn revenue expected from 59 oil, gas fields
September 19
19:31 2018

Kolkata, Sep 19 (IANS) Revenue of about $15.3 billion is expected to be generated in 20 years from 25 contract areas covering 59 oil and gas fields that have been discovered, an official said here on Wednesday.

The Centre launched the bid round II under Discovered Small Fields (DSF) policy last month.

Under this bid round, there are 25 contract areas covering 59 discovered oil and gas fields spread over 3,000 sq km, with a prospective resource base of over 190 million tonnes, said V.P. Joy, Director General, Directorate General of Hydrocarbons.

“The total expected revenue is $15.3 billion for 20 years. As compared with the previous one, each contract area is bigger. We are estimating at least $1.2 billion of investments in this round,” he said.

Out of these contract areas, six are in the northeastern region, four in Andhra Pradesh and one in Mahanadi offshore.

“We hope to award the contracts from January 2019 and the production is expected by mid-2022 from these fields,” he said.

The ongoing bidding under DSF round II will continue till December 18, he said at an investor meet that saw 100 participants from exploration and production companies, service providers, investors, entrepreneurs and others.

Under the DSF bid round-I, 1,500 sq km of area was offered with a total estimated reserve of 90 million tonnes, Joy said, adding that total expected revenue in the next 20 years was $6.5 billion.

“In the first batch, 30 contracts were awarded, and so far, 24 petroleum mining lease have been transferred. As many as 12 field development plans were approved. The expected investment will be around $500 million,” he said.

Share

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

Social Icons

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on an eventful journey of Indian Passport through its serveral phases, fast expanding network of passport seva kendras, evergrowing numbers, citizen centric service & new Initiatives

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on safety & security features of the passport documents in an era of digitalisation his cherished moments & milestones as “Passport Man” of India tranforming the entire passport landscape.

Diplomacyindia.com Video Interview : Mrs. Reva Ganguly Das (IFS) Director General, Indian Council of Cultural Relations Speaking on Yoga Day Celebrations

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on the journey of ISA so far, guiding principles, vision & priority areas & programmes for ISA.

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on expanding rank of international solar alliance & opening the membership to the countries beyond tropics.

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H.E. Mr. Jozef Drofenik speaking on Bilateral Relations and Trade between India and Slovenia

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H. E. Mr. Jozef Drofenik speaking on Tourism in Slovenia

Pictures of Formal Launch of Website Diplomacyindia.com

Knowledge Partner

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com

WP Facebook Auto Publish Powered By : XYZScripts.com