India launched its second auction of small discovered oil and gas blocks Aug. 9 as the south Asian nation looks to quickly monetize its hydrocarbon resources.

The bidding for 59 fields will begin in the first week of September and will close on Dec. 18.

The contracts will be awarded in January, oil minister Dharmendra Pradhan said.

The blocks offered under the latest round have reserves of about 1.4 billion barrels, he added.