ONGC, Oil India bank on private players to boost production by end of FY20

Private players may be brought in to boost production at 66 small oil and gas fields by state-run Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) by the end of this financial year.

At least 23 companies had shown interests in a pre-bid meeting held on September 17.  An industry source said international service providers like Schlumberger, Baker Hughes,  Weatherford International, and Halliburton were keen to be part of this project. 

“ONGC had already floated bids for 64 of such fields in August. We expect to wind up the bidding process by December 20 this year and contracts are likely