Reducing Reliance: India Auctions 55 Small Oil Fields and 3 CBM Blocks

India has launched an auction of three coal bed methane blocks and 55 small discovered fields for exploration and production, as informed by Pallavi Jain Govil, head of upstream regulator Directorate General of Hydrocarbons, at an event in Delhi.

Two of the coal bed methane blocks are in West Bengal and one in Gujarat. The country imports over 80 percent of its over five million barrels per day of oil needs.

Under a licensing round for oil and gas block, Oil and Natural Gas Corporation, signed contracts for exploration of 11 blocks, while Oil India signed for six blocks. ONGC also signed an exploration contract for one block in tie up with BP and Reliance Industries, and teamed up with Oil India for three blocks.

News by Rahul Yelligetti