The Indian Government has called on global investors to take part in the upcoming oil and gas auctions.
The government is giving out oil and gas licences under the second round of bidding for Discovered Small Fields (DSF-II), as well as blocks under the new Open Acreage Licensing Policy (OALP).
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Oil minister Dharmendra Pradhan made the appeal at a road-show for DSF-II bids in Abu Dhabi.
Pradhan said: “The successful completion of DSF Round-I and OALP-I has given us immense confidence, and the second round of DSF and OALP are being launched.”
According to Pradhan, DSF-II comprises 60 discoveries with estimated in-place reserves of more than 195 million tonnes of oil and oil equivalent gas (Mtoe).
Participants can bid for 14 blocks covering a total area of 29,233km² in the second round of bids under OALP.
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By GlobalDataHe stated that the country’s oil and gas demand is expected to treble to 607 million tonnes (Mt) in 2040 from the existing 229Mt.
The first round of bids for Discovered Small Fields was conducted in 2016. The government awarded 30 contract areas to 20 companies in the auction.
Meanwhile, OALP-I saw 55 blocks across ten sedimentary basins being awarded to nine domestic companies. The first round of DSF and OALP auctions did not witness participation from international upstream companies. Vedanta secured the majority of the blocks on offer.
Pradhan added: “We have made giant strides in the oil and gas sector, however, the best is yet to come. No country, international organisation or company alone can go far without partnership and collaboration.”
The government aims to enhance domestic production in an effort to reduce the dependence on oil imports by 10% by 2022.
Last month, Prime Minister Narendra Modi met chief executives of global oil and gas firms to discuss ways to encourage investment in domestic exploration and production.
