India to auction 60 oil and gas fields

The fields have a total of 195 Mtoe of oil and gas resources.

The Indian government plans to auction 60 oil and gas fields in 26 areas across 8 different basins under the second licensing round for Discovered Small Field (DSF). This is the first gas and oil open auction in 30 years, and the second one in India's history. The blocks on offer are located in Rajasthan, Gujarat, Kutch and Cambay shallow waters, Mumbai offshore, Assam and Tripura, Mahanadi shallow water, Andhra Pradesh (onshore) and KG offshore, and they total 195 Mtoe of oil and gas resources.

India intends to ramp up its domestic hydrocarbon production. The country currently imports more than 80% of its oil needs and has set itself the goal of cutting its fuel import dependency to 10% by 2022 and up to 50% by 2030.

This article was originally published by Enerdata.