The Indian Government has said that it is planning to open the bids for 69 marginal oil and gas fields from late November or early December, media reported.
Commenting on the issue, Petroleum and Natural Gas Minister Dharmendra Pradhan told the media, "I expect a good response for the 69 fields as this is for the first time that we have allowed unified licence (it be gas, oil, shale gas or CBM) apart from revenue sharing (as against the existing practise of PSC) and complete freedom of marketing the produce at market prices. We hope to invite bid either by late November or early December for these blocks."
As per reports, the Government had put on block 69 marginal oil and gas fields, which have been pending for development since the 1970s. It expects to unlock Rs 70,000 crore worth energy reserves.
The Cabinet has approved a new policy for auctioning 69 small and marginal oil fields to private and foreign companies bringing in a paradigm change in the way oil and gas blocks are developed.