ONGC gets 28 bids for 50 oil, gas fields in 1st round

Mumbai: State-owned ONGC has received bids for 50 out of the 64 small and marginal oil and gas fields it has offered in a first of its kind bid round for raising production by involving private companies.

As many as 12 companies made 28 bids for 50 fields at the close of bidding on January 17, sources privy to the development said. ONGC had clubbed the 64 fields into 17 onshore contract areas that have a cumulative 300 million tonne of oil and oil equivalent natural gas reserves.

The sources said 28 bids were received for 14 clusters, covering 50 fields, and no bids were received for 3 clusters covering 14 fields.

Duganta Oil and Gas Pvt Ltd made four bids, while Orissa Stevedores Ltd, Priserve Infrastructure Pvt Ltd and Udayan Oil Solutions Pvt Ltd made three bids each.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal