India to Launch DSF Bid Round II on Thursday
India’s ministry of petroleum and natural gas announced Wednesday that it will launch DSF Bid Round II on Thursday.
Around 60 discoveries clubbed into around 26 new contract areas are expected to be on offer in DSF Bid Round II, which the ministry says will include an “easy bidding process”.
“Encouraged with the success of Bid Round-I, and looking at the massive interest from industry, especially from private sector, the government is now to rolling out DSF Bid Round-II which is offering larger field areas in commercially producing basins,” the ministry said in a statement published Wednesday.
DSF Bid Round-I received 134 bidders for 34 blocks on offer. Thirty contracts were awarded to 20 companies, from which 13 were new entrants in the exploration and production sector.
Earlier this month, the ministry announced that the union cabinet, chaired by Prime Minister Shri Narendra Modi, had approved the policy to permit exploration and exploitation of unconventional hydrocarbons such as shale oil and gas and coal bed methane.
“With this policy dispensation, new investment in exploration and production activities and chances of finding new hydrocarbon discoveries and resultant increased domestic production thereof is expected,” the ministry said in a statement published on August 1.
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