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Tuesday 22 October 2019
Economy Pvt sector to help PM reduce oil imports

Pvt sector to help PM reduce oil imports

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New Delhi: In line with Prime Minister Narendra Modi’s vision for reduction of India’s oil imports by 10% by 2022, the Ministry of Petroleum of Natural Gas (MoPNG) has announced Discovered Small Field (DSF) Bid Round 2016 on 25 May, offering 46 contract areas across 9 sedimentary basins, for development.

The Directorate General of Hydrocarbons (DGH) has received 134 e-bids for the 34 contract areas under the DSF Bid Round 2016 by the deadline of 1200 Hours on 21 November.

The bidding took place in a challenging global market environment when the oil and gas prices were volatile and the investment in the exploration and production sector has seen a substantial decline. Despite the challenges, the response in the round of bidding has been favourable, exceeding expectations of experts. It has attracted the interest of not only oil and as companies but also the first-time investors in the E&P sector.

Dharmendra Pradhan, Minister, Petroleum and Natural Gas, along with his team, undertook various interactive sessions and roadshows in India and other countries like the US, the UK, Canada, Singapore and the UAE, and encouraged participation from the investor community. During the interactions, several issues raised by prospective investors were addressed by officials concerned led by KD Tripathi, Secretary, Ministry of Petroleum and Natural Gas.

Out of the total 134 e-bids received, 120 e-bids were for on-land areas and 14 e-bids for offshore areas. As many as 42 companies (individually or as a member of the bidding consortium) have participated in the bid round.

The response to the DSF bid round has been overwhelming as compared to the last round of E&P auctions under the NELP regime in 2009-10, largely credited to the new policy reforms, which have improved the ease of doing business by introducing a transparent and transparent regulatory framework. Despite smaller contract areas on offer in the bidding, the response from private companies was overwhelming; around 37 private sector players submitted e-bids as against 27 private companies during the NELP IX.

Considering the fact that most bidders were private players, the response to on-land contract areas were much larger than that for offshore contract areas. All the 26 on-land contract areas received e-bids while 8 out of 20 offshore contract areas have received e-bids. Five foreign companies have also submitted the bids.

The technical bid documents (online and hard copies) were opened on 21 November at DGH’s Noida office in the presence of the all the bidders. The evaluation of the bids would be undertaken in a time bound manner and it is expected that the contract areas would be awarded expeditiously.

The NDA government wishes to award the contract areas at the earliest, so as to expedite monetisation of the hydrocarbon production from these fields.

[stextbox id=”info” caption=”Summary of e-bids received under the Discovered Small Field Bid Round”]

Total contract areas Bids received for (No. of contract areas) Total number of e-bids
Total 46 34 134
Onland 26 26 120
Offshore 20 8 14

 

Total no. of companies PSUs/subsidiaries Indian private companies Foreign private companies
42 5 32 5

[/stextbox]

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