Oil & Natural Gas Corp. (ONGC) has opened international competitive bidding for 43 onshore oil and gas fields with total oil and gas in place estimated at 160 million tonnes of oil equivalent. These contract areas are spread across the states of Gujarat, Assam, Tamil Nadu, and Andhra Pradesh.
Terms of the 15-year contracts will be revenue-sharing on production above business-as-usual baselines. Contracts may be extended by 5 years.
ONGC is seeking partners to enhance production from marginal fields to maximize recovery, but continuous exploration is permitted during the contract period, including right to explore all kinds of hydrocarbons, the state-owned company said.
Eligible companies (Indian or foreign), either alone or as part of a consortium, may bid for one or more contract areas. Bidders are required to fulfill requisite technical and financial criteria.
A pre-bid conference—mode and venue to be determined—will be held on Oct. 20, 2021. Bids will be accepted through the company’s e-bidding portal until Dec. 3, 2021.