Union Minister Dharmendra Pradhan on Friday promised a transparent regulatory regime and greater ease in doing business with India as he promoted auctioning of 46 discovered oil and gas fields in a roadshow here.
These fields, discovered by Oil and Natural Gas Corporation Ltd (ONGC) and Oil India LTD (OIL), are envisaged to be put on production through expeditious efforts.
As many as 50 international oil related companies, including Magna Energy, BP, IHS Energy, Texas Oil & Gas Technology, Nabors, McDermott, Reliance Exploration and Production DMCC, KPMG, Halliburton, Joshi Technologies International, Vega Energy, Schlumberger attended the roadshow in Houston.
The Houston roadshow comprised extensive and detailed presentations and one-on-one meetings with companies.
Companies such as BG, Cairn Energy, ONGC, RIL shared their successful experience of working in the Indian exploration and production (E&P) sector.
Promising a transparent regulatory regime and greater ease of doing business, the minister in his plenary address said, “we recognise that the need of the hour is to increase the domestic energy production by unlocking India’s hydrocarbon potential.”
Easy regulatory administration, pricing freedom for crude oil and natural gas produced from new fields in a transparent manner to further promote oil and gas assets across the country, he said.
In fact, the current bid round is also being held under revised set of industry friendly bid guidelines and processes with the Discovered Small Fields Policy acting as the regulatory framework.
Under the bid round, 67 fields in 46 contract areas, across 9 sedimentary basins are being offered to potential investors through International Competitive Bidding in the oil and gas producing basins.
Of these 67 fields, 36 are located in offshore areas and 31 fields are in on land basins. The fields have estimated 625 Million Barrels of Oil and Oil Equivalent Gas in-place volumes, and are spread over 1500 sq km with 26 on land, 18 in shallow water and 2 in deep water areas.