Official: India to Auction 69 Marginal Fields Owned by ONGC, Oil India
NEW DELHI, April 21 (Reuters) - India will soon auction 69 marginal oil and gas fields owned by state explorers Oil and Natural Gas Corp and Oil India Ltd, the country's oil secretary said on Tuesday.
"Marginal field policy will have approval soon for 69 fields which ONGC and Oil India have agreed to give. We hope to put them for bidding," Saurabh Chandra told reporters in New Delhi.
Chandra said that the two state explorers would invest $6 billion in exploration and production in the year ending March 2016, as they look to arrest declining oil and gas production.
(Reporting by Nidhi Verma; Editing by Subhranshu Sahu)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 43 Offshore Rigs
Manages 8 Offshore Rigs
- Venezuela's PDVSA To Tap Oil Customers To Pay $449MM To ONGC (Nov 15)
- Sources: India ONGC Strikes 'Good' Offshore Oil, Gas Find (Sep 20)
- India To Acquire Seismic Data Of 48,000 Line kms To Boost Oil, Gas Output (Sep 12)
Company: Oil India more info
- India, Iran Plan to Seal Deal to Develop Offshore Farzad B Field by October (Jun 06)
- India Launches Auction for 67 Small Oil, Gas Fields Under a New Bid Scheme (May 26)
- ONGC Plans to Drill 17 Exploration Wells in India's Shale Oil, Gas Blocks (Apr 26)