mjunction services limited, India’s largest B2B e-commerce company, has been appointed by the Directorate General of Hydrocarbons (DGH) to build a platform for them to enable e-bidding, e-evaluation of bids, and e-allocation of oil and gas fields. This platform will aid in transparent allocation of the country’s natural resources, and help the country to reduce its oil import bill by $8 billion annually, as per Petroleum & Natural Gas Ministry officials.
Vinaya Varma, CEO, mjunction said, “I am happy that in addition to managing e-auction of spectrum for GoI, we have also been entrusted with the responsibility of building this platform. We have built up strong competencies in design and conduct of large value e-auctions, and I want to thank DGH for this nationally important contract.”
DGH is the nodal agency under the ministry of Petroleum and Natural Gas for allocation of oil and gas fields to interested bidders for exploration and production activities. Varma said that mjunction will customise its e-bidding software to provide facilities to electronically receive and evaluate bids and to automatically allocate oil and gas fields under the Hydrocarbon Exploration and Licensing Policy (HELP) framework, which was introduced in 2015.
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