The Cabinet today approved Marginal Fields Policy, MFP, for the development of hydrocarbon discoveries by national oil companies like Oil and Natural Gas Corporation and Oil India. Under new Policy, 69 unexploited oil fields held by ONGC and Oil India for many years, will be opened for competitive bidding.Briefing media in New Delhi after the Cabinet meeting, Petroleum and Natural Gas Minister Dharmendra Pradhan said, 70,000 crore rupees worth of resources will be monetised after the Cabinet decision to auction the oil fields. He said, the license granted would cover all hydrocarbons found in the field instead of being restricted to one item. He said, revenue sharing model is being introduced for the first time in oil sector and Government will receive a share of gross revenue instead of profit- sharing in earlier formula. Mr Pradhan said, a unified license policy has been brought about by today's decision covering both conventional and unconventional hydrocarbons. The Minister said, today's Cabinet decision on revenue sharing of oil fields is a paradigm shift.