1 June, 2016
The Indian government plans to launch the auction of a total of 67 small oil and gas fields in 46 contract areas on May 25, 2016 (26 on land, 18 offshore in shallow water and two in deep water). Interested parties have been invited to register for the launch.
These are discoveries surrendered by stated owned Oil and Natural Gas Corporation Ltd (“ONGC”), and Oil India Limited (“OIL”) due to their size, prohibitive development costs, technological constraints and/or unviable price regimes. These fields will be offered under the new revenue sharing model, under which the bidders will quote revenues to be shares with the Government at the low and high end of price and production band. The auction will be a test of the recent Hydrocarbon Exploration and Licensing Policy of the Government.
For further information, please contact:
Seema Jhingan, Partner, Lex Counsel Law Offices
sjhingan@lexcounsel.in
