DSF Bid Round II expected to yield revenue of $15.3 billion: DGH

Director General of Hydrocarbons (DGH) V P Joy said that the second round of bidding for Discovered Small Field (DSF) was expected to yield a revenue of $15.3 billion for companies for the next 20 years.

Under the second round of bidding, 25 contract areas were offered for exploration covering an area of 3,000 square meters with a prospective reserve of 190 million metric tonne (mmt) of hydrocarbons, Joy told reporters here on Wednesday.

Out of the 25 fields on offer, 15 were onshore and 10 offshore.

Joy said that in the first round of bidding, under which 30 fields were offered for exploration in 2017, 24 petroleum mining licenses (PML) were signed, with the value of oil and gas production estimated at $6.5 billion for 20 years covering an area of 1,050 square meters.

The bids were offered to new players to do exploration only where discovery of reserves had already been made, he said.

Out of the 26 sedimentary basins across the country, seven had been already explored, he said, adding that the government had allotted Rs 3,000 crore to ONGC and Oil India Ltd to carry out seismic survey for prospects of the remaining ones.