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India is going to auction 69 oil fields owned by ONGC, Oil India

The Oil secretary of the country said on Tuesday that, India will soon auction 69 marginal oil and gas fields which are owned by state explorers Oil and Natural Gas Corporation and Oil India Ltd.

“Marginal field policy will have approval soon for 69 fields which ONGC and Oil India have agreed to give. We hope to put them for bidding,” Saurabh Chandra said.

The two state explorers would invest USD 6 billion in exploration and production in the year ending March 2016, as they look to arrest declining oil and gas production, he added.

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