The Ministry of Petroleum and Natural Gas (MoPNG) of the Government of India, has announced on May 25, 2016, the launch of the 'Discovered Small Fields Bid Round, 2016' (the DSF Bid Round) in New Delhi. The DSF Bid Round offers 46 contract areas consisting of 67 different small oil and natural gas fields, for exploration and production, in order to increase domestic production of oil and natural gas in the country.
The DSF Bid Round has been launched under the Hydrocarbon Exploration Licensing Policy (HELP) of the MoPNG, providing for a single license for extraction of conventional and non – conventional hydrocarbons, shifting the contractual framework from the erstwhile Production Sharing Contract (PSC) model to the Revenue Sharing Contract (RSC) model and providing marketing and pricing freedom to developers. The DSF Bid Round also exempts imposition of payment of customs duty and oil cess and permits conduct of exploration activities during the entire contract period of the RSC.
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