Shri Hardeep Singh Puri launches DSF Bid Round-III–
Minister of Petroleum and Natural Gas & Housing and Urban Affairs Shri Hardeep Singh Puri today launched the Discovered Small Field (DSF) Bid Round-III. Minister of State in the Ministry of Petroleum and Natural Gas Shri Rameswar Teli, Secretary, MoPNG Shri Tarun Kapoor, Additional Secretary, MoPNG Shri Amar Nath, DG, Hydrocarbons Shri SCL Das were present on the occasion. A number of investors from India and abroad participated in the event which was held in a hybrid mode.
Under the bid round, 75 discoveries across 32 Contract areas in 11 basins/locations are being offered. Estimated Hydrocarbon in place of approximately 232 MMTOE of oil and oil equivalent gas are on offer.
Speaking on the occasion, Shri Hardeep Singh Puri said that Energy is very centric to India’s trajectory of growth. In his keynote address at the “Investors’ Meet: Opportunities underDSF and HELP”, he said that India has a huge appetite for energy and is expected to be the primary driver of global energy demand in the coming decades, as incomes and per capita energy consumption rises.
Shri Puri said that India is waiting to take-off. India’s per capita consumption, which is one-third of global energy, is poised to grow, as the urbanization increases, economic activities speed up, and demand for energy goes up. The energy sector will acquire dynamics of its own.He said that Oil and gas would continue to play a critical role in meeting our energy requirements.
The salient features of DSF policy are: Revenue Sharing Model, Single License for Conventional& Unconventional Hydrocarbons, No upfront signature bonus, Reduced Royalty rate in line with HELP, no cess, Full marketing and Pricing freedom for gas produced, Exploration allowed during entire contract period, and 100% participation from foreign companies/ joint ventures. In the earlier two rounds, 54 contracts were awarded to 27 companies including 12 new entrants.