Centre to sign contracts for 31 oil and gas fields

Centre to sign contracts for 31 oil and gas fields

Next week, the central government will ink pacts for the 31 small discovered oil and gas fields it had auctioned in the first bid round in more than six years.

According to a PTI report, state-owned oil firms IOC, BPCL and HPCL had cornered a third of the fields whose award was confirmed by the Cabinet last month.

“Contracts with successful bidders will be signed on March 27,” it quoted a top official as saying.

Tipped to be an auction round that would replicate the shale gas revolution of the US, half of the fields went to new and lesser known entrants like engineering company Megha Engineering & Infrastructure, KEI-RSOS Petroleum, Enquest Drilling and Nippon Power.

It may be recalled that the Cabinet Committee on Economic Affairs had approved award of 31 fields out of 34 that received bids in the auction that closed on November 21.