Petroleum Minister Dharmendra Pradhan arrived in Singapore on the first leg of his two-nation tour to lead India’s road shows to attract foreign investors in exploiting its discovered small oil and gas fields.
"Addressed road show on small discovered blocks in Singapore. About 200 delegates and potential investors participated in it," Pradhan tweeted.
"Singapore is a global hub for trading of petroleum, petrochemical products and oil service equipments. There can be good synergy between the two countries. It is also a major financial centre in Asia from where FDI and foreign equity investors can invest in Indian oil and gas sector."
Bidding for discovered small fields was announced by India in July 2016 in Houston.
After that, 67 such fields are on the block, an official statement said. The process is open till end-October.
"These fields are spread over nine sedimentary basins and will be offered in 46 contract areas. These fields are projected to yield 625 million barrels of oil and oil equivalent gas and spread over 1,500 sq km on land, shallow water and deep water areas."
Auction is also being organised under new rules, which replaces production-sharing contracts -- by which oil and gas blocks are awarded to companies which show they will do maximum work on a block -- that has governed the bidding under the previous nine rounds.