India drives upstream interest with new bid round
An ONGC offshore rig. India is hoping its new bidding round will attract companies using new technology. (ONGC)
India is set to launch its first licensing round under New Delhi’s updated and more liberal licensing and revenue-sharing regime.
The round is for 67 previously discovered small oil and gas fields, with hydrocarbon reserves amounting to 85 million tons of oil equivalent, according to the Ministry of Petroleum and Natural Gas. The fields were previously held by state-owned Oil and Natural Gas Corp. (ONGC) and Oil India.