ONGC has received 22 bids for its 17 marginal onland oilfields that are to be offered on a service contract basis. To cash in on the volatile crude market and the rising demand for oil and gas, ONGC had floated tenders for 17 onshore fields, of which bids were received for 14 fields. The company is expected to complete the entire tendering process in a month's time.

Companies including BPCL, Shiv Vani, Deep Industries and Assam Company have participated in the tender for the onland marginal fields. Some blocks receiving single bids. ONGC has 96 marginal fields (onshore and offshore) - 42 onshore and 54 offshore. The onshore assets produce 8.1-8.2 million tonnes of oil per annum and nearly six billion cu.m of gas.

As per the terms of the tender, the winner would not get ownership of oil and gas and would only be entitled to a pre-fixed rate of return. The E&P major would retain full ownership of these fields as well as the production of oil and gas.