The bidding round has been launched by the Union Minister for Petroleum & Natural Gas and Skill Development & Entrepreneurship, Shri Dharmendra Pradhan and will kick-off next month until December this year.
Over 59 discovered small fields have been contracted with 25 areas spreading over 3,042km2 and eight sedimentary basins.An Approximated sum of Rs450bn ($6.50bn) is projected to come from royalties, taxes and profit petroleum during the life of the fields.
The DSFC bid will generate over 85,000 jobs.
DSFC was originally launched in 2016 to extract oil and natural gas from the free small oil and gas discoveries that are available across the country.
The DSFC round-I involved 134 bids for 34 blocks on offer, and 30 contracts were granted to 20 companies. India expects first oil and gas from the DSFC-I in 2019 or 2020.
A statement from the Ministry of Petroleum & Natural Gas said: “Encouraged with the success of bid round-I, and looking at the massive interest from industry, especially from the private sector; the Government is now to rolling out DSFC bid round-II, which is offering larger field areas in commercially producing basins.”
The government hopes that the larger field areas will enhance the private sector interest.