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ONGC awards 49 small and marginal oil & gas fields

Friday, 15 May 2020
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Oil and Natural Gas Corporation (ONGC) has awarded 49 small and marginal oil & gas fields. ONGC had at the close of bidding in January 2020 received bids for 50 out of the 64 small and marginal oil and gas fields it offered in a bidding round for raising production by involving private companies. 
ONGC placed notice of award (NoA) to seven successful bidders in 13 contract areas comprising 49 marginal oil and gas fields. ONGC clubbed the 64 fields in Gujarat, Assam, Andhra Pradesh and Tamil Nadu into 17 onshore contract areas by clubbing some of them.
These have a cumulative 300 million tonne of oil and oil equivalent natural gas reserves. As many as 12 companies made 28 bids for 50 fields at the close of bidding on 17 January 2020.
Twenty-eight bids were received for 14 clusters, covering 50 fields, but none for three clusters that cover 14 fields. Through a detailed process of evaluation as per the tender conditions, seven companies have now been awarded 13 on land contract areas spread across the states of Gujarat, Tamil Nadu, Andhra Pradesh and Assam.
The winners include Duganta Oil and Gas which was sole bidder for fields in Assam and Cauvery basin of Tamil Nadu, and Orissa Stevedores that was bidder for two clusters in Assam. It is expected with the award of these contract areas, the production from these marginal fields will be enhanced.
Duganta Oil and Gas had made four bids, while Orissa Stevedores, Priserve Infrastructure and Udayan Oil Solutions made three bids each.
The contractors were selected 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. The contract period will be for 15 years with an option to extend by five years.
ONGC invited bids under the production enhancement contract (PEC) from the interested companies who can bring in technology for raising the output.
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