India which is the third largest consumer of petroleum products in the World after the US and China is all set to announce the bidding of 60 oil and gas blocks. The bidding is expected to take place in October where the second round of bidding for the newly discovered small and marginal fields aka DSF would take place.
“We’re eyeing start-ups and small national and international companies. About 60 blocks will be on offer for the second round,” said an official.
“The success of DSF Bid Round 2016 in the face of global economic slowdown and low oil prices manifests the benefits of the new E&P (exploration and production) regime for investors,” said a DGH presentation at the recent World Petroleum Congress in Istanbul.
Among 26 basins which India has, 7 of them are used for producing crude oil and natural gas.
2.7 mn sq km area will be on offer under the second round of biding which consists of 1.5 mn sq km of onshore and 1.2 mn sq km of offshore areas.
“We’re getting a lot of demand for NDR(National Data Repository) with the launch of OAL(Open Acreage Licensing). A lot of national and international players are keen. NDR is based on seismic and well data, and investors can identify areas with potential through this,” said an official.