The Ministry of Petroleum and Natural Gas (MoPNG) conducted a road show for the Discovered Small Field Bid Round 2016. The attendees include UAE Government officials, business magnates, and leading media groups. During the event, discussions were held about the 46 Contract Areas comprising 67 small fields to prospect and produce oil and gas in India having 625 million barrels of oil and oil equivalent gas (O+OEG) in-place volumes, spreading over 1500 sq. km. As part of the bid, a uniform policy will be issued for exploration and development of conventional and unconventional hydrocarbon resources, based on a ‘Revenue Sharing Contract’ instead of the previous ‘Production Sharing Contract’. There will not be any signature bonus, mandatory work programme and fiscal incentives, including oil cess, the exception of custom duty and graded royalty rates.
There were presentations regarding the easiness of doing business in India. Anurag Bhushan, Consul General of India in Dubai, had spoken about India-UAE trade relations and the efforts of both the governments in improving the investor sentiment and strengthen economic ties.