Second auction of discovered oil, gas fields launched

Union Minister Dharmendra Pradhan on Thursday launched the second round of bidding for Discovered Small Field (DSF) with 190 million metric ton (MMT) of oil and gas equivalent that is likely to fetch Rs 45,000 crore for the government.

"Under this round, 25 contract areas covering 59 discovered oil and gas fields spread over 3,000 sq.km having currently known volumes of 190 MMT or 1.4 billion barrels oil and gas equivalent are up for bidding," Pradhan said at the launch here.

The Minister for Petroleum and Natural Gas said that if there is a complete bid, it is likely to generate Rs 45,000 crore for the government exchequer and 85,000 new jobs.

The bidding will start in September first week and will continue till December 18.- IANS