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ONGC invites bids to increase production of oil, gas from its 64 marginal fields

ANI 

India's largest energy company ONGC Limited is seeking partners to maximise recovery of oil and gas production from its 64 marginal nomination fields by leveraging new technologies.

The notice inviting offer allows interested companies to participate in an international competitive bidding process announced for 17 onshore contract areas comprising of 64 oil and gas producing fields with total in-place oil and oil equivalent of gas volume of about 300 million metric tonnes of oil equivalent.

Companies -- either alone or in consortium or joint ventures -- may bid for one or more contract areas, ONGC said in a statement. There will be complete marketing and pricing freedom to sell oil and gas on arm's length basis through competitive basis.

The bidders are required to fulfil requisite technical and financial criteria. Bids received will be evaluated on the basis of revenue sharing from incremental oil and gas production.

The contract period will be 15 years with an option to extend by five years. ONGC said incentive will be available for achieving production higher than the committed incremental production.

ONGC is inviting the bids through its e-procurement portal (https://etender.ongc.co.in). A pre-bid conference will be held at ONGC corporate office in the national capital.

Bidders interested in studying the data can purchase field information dockets and data packages. Interested companies can access the data viewing facility at Institute of Reservoir Studies of ONGC in Ahmedabad, according to a statement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, June 29 2019. 13:47 IST
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