ONGC, a government auctioning large-scale discoveries of OIL.Finished selling their small field

New Delhi: The government blocks large-scale discoveries by state-owned ONGC and Oil India Ltd, but has not yet reached production, oil minister Dalmendra Pradan said Thursday that the center had privatized their small vineyards. Stated.
“Resources don’t belong to the company. They belong to the country and the government. They can’t lie to the company indefinitely. If someone can’t monetize them, we need to bring a new regime. There is, “he said after launching an auction of the third, or” last, “discovered small field that he called.
The round provided about 32 oil and gas blocks with 75 discoveries. As in the previous two rounds, these discoveries were made by state-owned explorers, but their limited financial system made their development economically infeasible. In some cases, remote locations and sizes have become infeasible.
In 2016, the government announced a liberalized financial system, reduced regulatory compliance, pricing and marketing freedom, all such under incentives that were not available to state explorers when the discovery was made. We have started an auction of discoveries. Between 2016 and 2018, 54 such blocks were awarded to individual investors.
Pradhan’s, far from India’s exploration sector so far, represents a new government attempt to attract global majors to India.
“Next time there will be no DSF. Next time we will have a (big field)” major “(auction) round,” he said.
Perhaps in a government assessment, providing the discovered fields stimulates the appetite of big oils, which have become reluctant to endanger capital in exploration when under pressure from climate change activists. Will do.
Under government pressure, ONGC has made several attempts to build foreign partnerships for its production areas, most of which are aging and no results can be expected.
In April, a senior oil ministry official in charge of exploration set a roadmap for ONGC to sell shares in mature fields such as Pannam Kuta and Ratna in the western offshore and onshore fields such as Gandhar in Gujarat and R-series. Sent to.
The roadmap also proposed to acquire a global partner in the discovery of the new Andorra offshore gas – the block KG-DWN-98 / 2 is expected to surge in production next year, and the highly challenging Deendayal block Purchased from the Gujarat Petroleum Authority in 2018 for $ 1.2 billion. The West Bengal track and field block, which began production prior to the state elections, was also marked by introducing a foreign partner.
In 2017, the Directorate General of Hydrocarbons identified 15 production areas with total reserves of 791 million tonnes of crude oil and 333 billion cubic meters of gas for delivery to private companies in the hope of improving production.
A year later, 149 small, marginal areas of ONGC were identified for private and foreign companies because companies should focus solely on bidding.
ONGC opposed the original plan and invited a partnership, but with little success. The second plan was submitted to the Cabinet and on February 19, 2019, it was decided to bid on ONGC’s 64 marginal areas. The bid received a lukewarm reaction.
ONGC was allowed to retain 49 fields, provided that its performance was closely monitored for 3 years.

ONGC, a government auctioning large-scale discoveries of OIL.Finished selling their small field

Source link ONGC, a government auctioning large-scale discoveries of OIL.Finished selling their small field

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