CCEA Approves Contract Awards for 44 Small Oil and Gas Fields

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The Cabinet Committee on Economic Affairs (CCEA) has approved to award contract in 31 contract areas of small oil and gas fields belonging to ONGC and Oil India Limited (OIL) . It will be awarded under Discovered Small Field Policy bid round - 2016.

Small Oil and Gas Fields


  • Contract areas include 44 fields, 28 inland and 16 offshore.
  • Award of contract is expected to provide faster development of oil and gas fields
  • To facilitate production of oil and gas by increasing energy security of country.
  • These areas were discovered long back but could not be monetized due to various reasons such as isolated locations, high development costs, small size of reserves, technological constraints, fiscal regime etc.
  • This move is expected to monetize in-place locked hydrocarbons volume of 40 MMT oil and 22 Billion Cubic Meters (BCM) of gas over a period of 15 years, this will supplementing domestic production.

About Small Field Policy Bidding Round - 2016

  • Union Government launched Discovered Small Fields (DSF) Bidding Round in 2016.
  • It is an international competitive bidding round of award.
  • Under this bidding round, 46 contracts were on offer comprising of 67 oil and gas fields distributed across 9 sedimentary basins.
  • Out of 46 contract areas, 26 are located on land, 18 are in shallow water and 2 are in deep water offshore.
  • Total of 134 e-bids were received for 34 contract areas.
  • A total of 47 companies submitted their bid, out of which 43 are Indian companies and the rest 4 are foreign companies.
  • Components of policy are: uniform license for exploration, production of all forms of hydrocarbon, an open acreage policy and revenue sharing model.

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