India to Auction 60 Small Discovered Oil, Gas Fields
Blocks that will be auctioned were originally controlled by Oil and Natural Gas Corp and Oil India Ltd. The fields have remained undeveloped for years due to their small size and the high cost of development.
India, the world's third-biggest oil consumer, imports nearly three-quarters of its energy requirements, but Prime Minister Narendra Modi has set a target of cutting its fuel import dependency to two-thirds by 2022 and to half by 2030.
India's previous auction of discovered small fields in 2016 was dominated by small Indian bidders.
Reporting by Nidhi Verma and Sudarshan Varadhan