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India to launch auction of 67 small oil, gas fields on May 25

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India will launch an auction of 67 discovered small oil and gas fields on May 25, the country's upstream regulator Directorate General of Hydrocarbons (DGH) said on Tuesday.

[NEW DELHI] India will launch an auction of 67 discovered small oil and gas fields on May 25, the country's upstream regulator Directorate General of Hydrocarbons (DGH) said on Tuesday.

As many as 67 small fields in 46 contract areas will go under the hammer, the DGH stated on its website.

These fields will be offered under a revenue-sharing model, where the contractor will share a part of the revenue with the government as soon as the production begins.

Last year, state explorers Oil and Natural Gas Corp Ltd and Oil India Ltd had surrendered 69 fields with about 89 million tonnes of hydrocarbon resources.

REUTERS