Dr. V. P. Joy, Director General, Directorate General of Hydrocarbons (DGH) – Ministry of Petroleum & Natural Gas, Government of India, has chaired the Investment Promotional Event for Exploration & Production opportunities in London at The Montcalm Marble Arch for over 125 participants from E&P companies, service providers, investors, entrepreneurs notably UK Export Finance, BP, Vedanta Resources Ltd., Department of International Trade (UK), SBI Capital (UK), Standard Chartered, Jupiter Asset Management Limited, Ice Canyon, IHS Markit just to name a few.
Minister of Petroleum & Natural Gas and Skill Development, Government of India, Shri Dharmendra Pradhan launched the Bid Round-II under Discovered Small Field Policy (DSF) & Open acreage licensing policy (OALP) for Competitive Bidding this year. Under OALP bid round II, 14 blocks will be offered shortly with a total area of 29,233 Sq Km and under DSF bid round II 25 contract areas are currently on offer covering 59 discovered oil and gas fields, spread over 3,000 Sq. Kms with prospective resource base of over 190 MMTOE.
The DSF-II and OALP-II Bid Rounds are aligned to Hydrocarbon Exploration and Licensing Policy (HELP), which adopts the Revenue Sharing Model which is a step towards improving the Ease of Doing Business in Indian E&P sector. It comes forth with attractive fiscal terms like reduced royalty rates and no cess, single license for all hydrocarbons, pricing and marketing freedom, freedom to exploration throughout contract period, no signature bonus and provision for sharing of common facilities. With the launch of NIO, bidders are studying the data available in National Data Repository (NDR). The e-bidding portal has opened on 9th August 2018 and would continue till 18th December 2018 for DSF Bid Round-II.
To apprise the prospective investor community about the salient features of DSF & OALP policy the Government organized investors meet in London after similar International Event in Russia on 4th October 2018, and Singapore on 26th October 2018. This would be followed by such events in Abu Dhabi
Shri Manish Singh, Minister (Economic), High commission of India in London, inaugurated the event with welcome address on behalf of High Commissioner of India in UK. Dr. V. P. Joy, Director General, Directorate General of Hydrocarbons (DGH) presented the success story of the DSF & OALP bid round-I through his keynote address and elucidated the rationale behind bringing out DSF & OALP Bid Round-II. The senior officials from DGH delivered a detailed presentation highlighting the key features of OALP & DSF policy and gave a detailed technical overview of the prospects of contract areas on offer these two policies. There was a brief presentation on overview of Indian taxation regime by KPMG. This was followed by an afternoon event, where Mr. HPS Ahuja, CEO and MD, ISPRL presented overview of PPP Opportunities for phase-II of Strategic Petroleum Storage in India.
The Director General along with some senior officials of DGH also interacted with media and with senior management of various potential investors/ O&G companies.