CCEA approved award of 31 contract areas

The Cabinet Committee on Economic Affairs (CCEA) has approved the award of contracts in 31 contract areas of discovered small oil and gas fields. These contract areas  comprise 44 fields – 28 inland and 16 offshore. These small fields earlier belonged to the Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) and were discovered long ago but could not be monetised due to various reasons such as isolated locations, small size of reserves, high development costs, technological constraints, unfavourable fiscal regime, etc. The winners include Bharat PetroResources, IOCL, Sun Petrochemicals, Adani Welspun Exploration, Hindustan Oil Exploration Company, South Asia Consultancy and Nippon Power.