With a view to increase domestic production of oil and gas, Government in September 2015 in consultation with ONGC and OIL, approved the Discovered Small Field Policy for monetization of 69 discovered small fields/discoveries of ONGC and OIL, which had not been put into production. Under the Policy, Government has awarded 30 contract areas for development through International   Competitive Bidding (ICB). Now, the policy has been extended to include un-monetized discoveries/ small fields from PSC regime also along with the nomination regime. Under the Discovered Small Field Policy Round-II, on 9^th August, 2018, Government has offered 59 discoveries clubbed under 25 contract areas for bidding. The big closing date 18.12.2018. This policy was brought with the objective of bringing unmonetized discoveries/fields to production at the earliest to augment the domestic production of oil and gas.

This information was given by Minister of Petroleum & Natural Gas, Shri Dharmendra Pradhan in a written reply to the Rajya Sabha today.

 

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