India awarded 31 of the 46 contracts offered under the 2016 Discovered Small Fields bid round. These contracts consist of 44 fields with estimated in place volumes of 424 mmboe, 72% of which is in shallow waters. The 31 contracts are spread across 16 operators, 15 of which are Indian entities. Bharat Petro Resources Limited (BRPL), was awarded five blocks, the most of any awardees. The revenue sharing model (RSM) regime is now active, removing cost recovery but allowing full marketing and pricing freedom.