+
 Ministry of Oil invites bids for third round of DSF-III
OIL & GAS

Ministry of Oil invites bids for third round of DSF-III

Minister of Oil Hardeep Singh Puri opened the bid phase of the third round of Discovered Small Fields (DSF-III) on July 30.

Puri invited foreign investors like ExxonMobil and BP to explore massive potentials proposed by Asia's third-largest economy's hydrocarbon sector.

In early July, Puri took charge of the oil ministry from the former minister Dharmendra Pradhan, who had been in the ministry duty for seven years.

India proposed thirty-two contract areas for seventy-five oil and gas fields in nine sedimentary basins, including over 13,000 sq km in the DSF-III round.

Directorate General of Hydrocarbons, the upstream regulator of India, opened data for fields on June 10 offered under the latest round for evaluation. The regulator fixed August 31 as the deadline for the bids. The oil ministry officials told the media that the fields would be awarded to the bidders who are successful by December.

The discovered fields that are proposed cover 2 in deepwater, 19 on-land fields and 54 in shallow water. These fields together are expected to hold oil and gas reserves of around 230 million mt of oil equivalent, or 1.7 billion boe.

The gas output in India is predicted to be 2.91 billion cu m, while the oil production in India is set to be 1.32 million mt by 2024-25 from the contracts allocated in the previous two DSF rounds.

To meet its domestic oil demand, India depends 85% on imports.

The world's third-biggest crude importer and consumer, India, was pursuing a policy to promote domestic oil and gas production for the past seven years through a host of investor-friendly policy initiatives whose objective is to cut its import dependence to meet energy demand.

Image Source


Also read: Govt aims speedy clearance of exploration activities

Minister of Oil Hardeep Singh Puri opened the bid phase of the third round of Discovered Small Fields (DSF-III) on July 30. Puri invited foreign investors like ExxonMobil and BP to explore massive potentials proposed by Asia's third-largest economy's hydrocarbon sector. In early July, Puri took charge of the oil ministry from the former minister Dharmendra Pradhan, who had been in the ministry duty for seven years. India proposed thirty-two contract areas for seventy-five oil and gas fields in nine sedimentary basins, including over 13,000 sq km in the DSF-III round. Directorate General of Hydrocarbons, the upstream regulator of India, opened data for fields on June 10 offered under the latest round for evaluation. The regulator fixed August 31 as the deadline for the bids. The oil ministry officials told the media that the fields would be awarded to the bidders who are successful by December. The discovered fields that are proposed cover 2 in deepwater, 19 on-land fields and 54 in shallow water. These fields together are expected to hold oil and gas reserves of around 230 million mt of oil equivalent, or 1.7 billion boe. The gas output in India is predicted to be 2.91 billion cu m, while the oil production in India is set to be 1.32 million mt by 2024-25 from the contracts allocated in the previous two DSF rounds. To meet its domestic oil demand, India depends 85% on imports. The world's third-biggest crude importer and consumer, India, was pursuing a policy to promote domestic oil and gas production for the past seven years through a host of investor-friendly policy initiatives whose objective is to cut its import dependence to meet energy demand. Image Source Also read: Govt aims speedy clearance of exploration activities

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code