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ONGC to begin production from KG basin fields, seeks buyers

Wednesday, 13 Nov 2019
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The Oil and Natural Gas Corporation (ONGC) is seeking buyers for the first gas from its KG basin fields, which will commence production from December 2019, after years of delay.

ONGC is auctioning 0.75 MMSCMD gas for three years from its KG-DWN-98/2 fields, the bids for which are to be submitted by 19 November 2019.

The company is spending over USD five billion to bring these fields to production. It has set a reserve price of USD 5.61 per million British thermal unit and the minimum bid quantity at 0.05 MMSCMD.

Bidders will have to quote the number of days they will need to off-take gas after being awarded, with preference for the bidder with fewer days in case of a price tie. The bidders will make a single bid electronically.

Other bidders will be asked to match the highest quoted price. Reliance Industries and partner BP too are expected to e-auction five MMSCMD gas from its KG basin fields on 15 November 2019.

 

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