ONGC seeks bids to enhance production from 64 marginal fields

State-run ONGC on Friday issued a notice inviting partners to enhance production from 64 of its marginal fields. The company looks to maximise recovery through infusion of new technology.

"ONGC announces a Notice Inviting Offer (NIO) seeking partners for enhancement of oil and gas production from its 64 marginal nomination fields with the intention to maximise recovery from these fields by infusion of new technology," the company said in a statement.

It added that the offer will allow interested companies to participate in the International Competitive Bidding (ICB) process announced for 17 onshore contract areas consisting of 64 oil and gas producing fields. Companies can bid either alone or through consortiums and joint ventures, and will be allowed to bid for more than one contract area.

In its statement, ONGC added that these will be bid out on a revenue-sharing basis. "The revenue will be shared on incremental production over and above the baseline production under Business-As-Usual (BAU) scenario," ONGC said. The contract will allow for marketing and pricing freedom to sell oil and gas on arm’s length basis through competitive basis.