Minister of Petroleum and Natural Gas Dharmendra Pradhan launched Discovered Small Field Bidding Round – 2016 in New Delhi today. <br/><br/>Speaking on the occasion, Mr. Pradhan said government is offering 67 discovered small fields in 46 Contract areas spread over 9 sedimentary basins in on land, shallow water and deep water areas for bidding which have known hydrocarbon discoveries. <br/><br/>He said reserves in these blocks are – 89 MMT Oil and Oil equivalent gas worth 70 thousand crore rupees even in present low price scenario<br/><br/>Mr. Pradhan said efforts have been made to remove policy barriers and introduce global best practices to attract private investment and best technology to maximize domestic production. <br/><br/>He said Road Shows will be conducted in various parts of the country and abroad in coming weeks to invite existing and new entrepreneurs, specially the Start Ups. The Minister said this is a path-breaking initiative in the series of progressive policies being undertaken by the Government in the Oil and Gas sector.<br/><br/>These fields have been discovered by India's National oil companies and are now being offered under exclusive policy. The policy is designed to be investor friendly and is based on easy to administer Revenue Sharing contract model, in tune with the Government's policy of Ease of doing business in country.