MoPNG to auction 69 fields under revenue-sharing model

The Ministry of Petroleum and Natural Gas (MoPNG) is soon likely to commence the auction of 69 marginal oil and gas fields under the new revenue-sharing model, though the timeline for the auction is yet to be finalised. These fields have combined proved reserves of 88 million tonnes of oil equivalent valued at around Rs 770 billion. The fields have been divided into 44 clusters to make them financially attractive for potential investors as they can then plan common infrastructure for fields and keep costs low.