Cabinet Committee on Economic Affairs, recently cleared the awarding of contracts in 31 contract areas of discovered small oil and gas-fields. Prior to this, these fields belonged to Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) and these contract areas include 44 fields, 28 inland, and 16 offshore. Though these fields were discovered long back, but discoveries could not be monetized due to various reasons. The Cabinet had in September 2015 approved the auction of 69 such small and marginal fields of these 67 discovered small fields were clubbed into 46 contract areas and put on offer through online international competitive bidding, said official sources, adding that a total of 134 e-bids were received for 34 contract areas when 47 companies submitted their bids, 43 of which were Indian companies and four foreign firms. It is expected that in-place locked hydrocarbons volume of 40 million metric tons of oil and 22 billion cubic metres of gas will be monetized over a period of time, it added.
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