ONGC awards 49 marginal fields across four states to seven bidders

Industry players say a major drawback of the bid was that ONGC sought partners who could raise output beyond a pre-agreed baseline and would share revenues only for incremental production

State-run Oil and Natural Gas Corporation Limited (ONGC) has awarded 49 marginal oil and gas fields to seven successful bidders. 

These fields are spread across the states of Gujarat, Tamil Nadu, Andhra Pradesh and Assam, covering 13 onland contract areas. 

"The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held recently. Interested companies participated in the International competitive bidding process for 17 onshore contract areas comprising of producing oil and gas fields," ONGC said in a statement. 

It is expected