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The Indian Government Has Called on Global Investors to Participate in Upcoming Oil and Gas Auctions, Including Brazilian Operators
The government is granting oil and gas licenses in the second bidding round of Discovered Small Fields (DSF-II), as well as under the new Open Acreage Licensing Policy (OALP). The Minister of Petroleum, Dharmendra Pradhan, made the appeal during a roadshow for the DSF-II offers in Abu Dhabi. Pradhan said, “The successful conclusion of DSF Round-I and OALP-I has given us great confidence, and the second round of DSF and OALP is being launched”.
According to Pradhan, DSF-II comprises 60 discoveries with estimated on-site reserves of over 195 million tons of oil and gas equivalent (Mtoe). Participants can bid for 14 blocks covering a total area of 29,233 km² in the second bidding round of the OALP. He stated that the country’s demand for oil and gas is expected to triple to 607 million tons (Mt) by 2040, up from the existing 229 Mt.
The first bidding round of Discovered Small Fields was held in 2016. The government awarded 30 contract areas to 20 companies in the auction. Meanwhile, OALP-I saw 55 blocks in ten sedimentary basins being awarded to nine national companies. The first rounds of DSF and OALP did not witness participation from international upstream companies. Vedanta secured most of the blocks on offer.
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Pradhan added, “We have made great strides in the oil and gas sector, however, the best is yet to come. No country, international organization, or company alone can go far without partnership and collaboration. ”
The government aims to increase domestic production in an effort to reduce dependence on oil imports by 10% by 2022.
Last month, Prime Minister Narendra Modi met with CEOs of global oil and gas companies to discuss ways to encourage investment in domestic exploration and production.
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