The government plans to auction 69 small and marginal oil and gas fields to private firms on a new revenue sharing model, oil minister Dharmendra Pradhan has said.
As many as 63 discovered oil and gas fields are being surrendered by state-owned Oil and Natural Gas Corp (ONGC) as they were found to be uneconomic for a large firm with huge overheads to develop or bring to production. Smaller firms with a fraction of operating cost can develop them at much faster and economic rate.
Oil India Ltd has surrendered 6 marginal fields. ¨We are looking at marginal field auction round on a new revenue sharing model soon,¨ Pradhan said on the sidelines of Geo India 2015 conference in UP´s Greater Noida.
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