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India to auction 69 oil and gas fields

Xinhua, September 2, 2015 Adjust font size:

India Wednesday said that it would auction 69 small and marginal oil and gas fields given up by state-run explorers.

Indian Oil Minister Dharmendra Pradhan said the government hopes that private companies would be able to boost output from the fields that hold resources of more than 10 billion U.S. dollars.

"Bidding is likely to start in three months for the oil and gas fields," the minister told the media in the national capital.

India is the world's number 4 consumer of oil but it meets only a fraction of its demand through local sources. Till now, only 250 oil and gas blocks have been auctioned since 1999. Endi