These areas were discovered long back but these discoveries could not be
monetized due to various reasons such as isolated locations, small size
of reserves, high development costs, technological constraints, fiscal
It is expected that in-place locked hydrocarbons volume of 40 Million
Metric Tonnes (MMT) oil and 22 Billion Cubic Meters (BCM) of gas will be
monetised over a period of 15 years. The production from these contract
areas will supplement the domestic production.
For early monetization of these fields, in September, 2015, Cabinet
approved 69 marginal fields for offer under Discovered Small Fields
Policy. Out of these, 67 Discovered Small Fields were clubbed into 46
contract areas and put on offer through online international competitive
bidding. A total of 134 e-bids were received for 34 contract areas. A
total of 47 companies submitted their bid, out of which 43 are Indian
companies and rest four are foreign companies.
These contract areas have been awarded under the new regime of Revenue