New Delhi: Gross revenue of Rs 45,000 crore is expected under the second round of the Discovered Small Field bid from 25 contract areas, while Rs 90,00 crore is anticipated under the first round of the Discovered Small Field bid from 30 Contract Areas, Minister of Petroleum and Natural Gas Dharmendra Pradhan said.

The minister added that the last date for submitting the Discovered Small Field bid has been extended by one month to January 18 this month, on account of requests received by the prospective bidders. "The gross estimated revenue is based on estimates of oil and gas hydrocarbon in place reserves, an assumption in terms of hydrocarbon recovery factor, hydrocarbon sale price, etc., from 25 Contract Areas considering project life of 15 years," Pradhan said in a written letter to the Lok Sabha. "However, actual revenue realisation from these fields may vary based on the actual award of Contract Areas; development strategy adopted by the contractor; actual production realised; and techno-economics of the individual field, etc." "Under the DSF Policy, only those hydrocarbon discoveries of National Oil Companies which could not be monetized for a long period of time are offered for bidding.

The ONGC is continuing to make endeavours to optimise production from its operational fields, be it big fields or small fields," the letter added.