The National Democratic Alliance government has started an auction of 67 small oil and gas discoveries in a bid to bring down the country's import by 10% by 2022, reported The Times of India. The Oil Ministry is looking at unlocking at least 30 million tonnes of hydrocarbon from the oilfields. The discoveries, worth Rs 70,000 crore, can fetch the exchequer hefty dividends.

The government has also scrapped the production-sharing system that was in practice for such sales till now. Under the new revenue-sharing fiscal model, discoveries will be awarded to explorers who offer the maximum revenue to the government.

The new system is believed to be more transparent and cuts red tape. "For us (the government), minimum governance, maximum government is not a mere slogan. It is a matter of faith and practice," Oil Minister Dharmendra Pradhan said on Wednesday.