Oil Minister Dharmendra Pradhan today said that Rs 70,000 crore worth of resources will be monetised after the Cabinet decision to auction 69 oilfields.
He said revenue sharing model being introduced for the first time in oil sector.
Gas produced will be sold at prevailing market price, and there will be no restrictions on allocation.
Unified licensing regime will be introduced for operators to produce hydrocarbons in auction for 69 small and marginal oilfields, he added.