India's government has awarded 31 contract areas as part of its Discovered Small Fields (DSF) bid round 2016, including eight offshore.
A total of 134 bids were received for 34 contract areas. Of those, 22 companies (singly or in consortium) were shortlisted for 31 Contract Areas. Of the 22, 15 were new entrants to India's exploration and production sector.
The bid round, launched in May last year, aimed to incentivize the exploitation of already discovered small fields in the country, through a "liberalized and investor friendly regime."
Some 46 contract areas had been offered, consisting of 67 fields spread across nine sedimentary basins.
Most of the offshore bid awards were in the Mumbai offshore (6), with one each in the Kutch Offshore and KG Offshore.
The eight offshore bid awardees were:
Mumbai Offshore
Kutch Offshore
KG Offshore
The bid round has been driven by India's prime minister setting out a target to reduce the country's energy import dependency by 10% by 2022. The DSF bid round was launched to early-monetize already discovered hydrocarbon fields.
The government says the current bid round is anticipated to achieve cumulative peak production of about 15,000 bo/d and 2 MMscm/d of gas from all the awarded fields, which amount to 62 MMboe in place reserves.