SME Times is powered by   
Search News
Just in:   • Mishra launches Digital MSME scheme  • GST transition for SMEs  • GST, selling pressure spook investors, markets close lower  • AEPC joins hand with NSDL to assist exporters in GST compliances  • Apple, Cisco to help firms get cyber security insurance discounts 
Last updated: 16 Feb, 2017  

Crude oil THMB Cabinet nod for 31 bids for small oil, gas fields exploration

Crude oil
   Top Stories
» India, US vow to fight terror, boost economic cooperation
» Jaitley urges J&K CM to roll-out GST from July 1
» Traders' association urges govt for trial period of GST
» PM invites US business, says GST will ease way
» Govt postpones provision relating to TDS, TCS under GST
SME Times News Bureau | 16 Feb, 2017
The Union Cabinet on Wednesday approved 31 contracts for exploration of small oil and gas contract areas under the Discovered Small Fields (DSF) Bid Round 2016, Finance Minister Arun Jaitley announced in New Delhi.

"The cabinet decided to award contracts under the Discovered Fields Policy on proposals submitted by the Petroleum Ministry... 31 contracts have been cleared today (Wednesday)," Jaitley told reporters following a cabinet meeting.

"With regard to 14 such contracts there was a single bid. For 17 such contracts there were multiple bids... the cabinet, thus, finalised 31 of these proposals," he said.

"The decision will lead to greater investment in oil exploration, more production and employment generation," he added.

As many as 46 contract areas designated for 67 discovered small fields across nine sedimentary basins were on offer under the DSF Bid Round 2016, bids for which came in from majors like Cairn India and Hindustan Oil Exploration Company, along with from five smaller foreign firms.

The government had put up for bidding for production under a new revenue sharing model these small fields originally discovered by state-run explorers Oil and Natural Gas Corp. (ONGC) and Oil India. They, however, could not develop these because of their small size.

The auction was under the new Hydrocarbon Exploration and Licensing Policy (HELP) approved in March last year, which is based on a revenue-sharing model as opposed to cost-and-output-based norms earlier.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
65.15
63.50
UK Pound
83.40
80.60
Euro
73.45
70.95
Japanese Yen 59.75 57.70
As on 27 Jun, 2017
  Daily Poll
Should Govt tax farm income above certain level?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(32)
» Poor state of state finances(13)
» PMEGP to assist entrepreneurs financially: Dinesh Rai(2)
» Air India unions warn govt of industrial unrest(1)
» Three years of Modi government(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter