India's largest energy company ONGC seeking partners to maximise recovery of Oil & Gas production from its 64 marginal nomination field by leveraging new technologies.
The notice inviting offer allow interested companies to participate in an international competitive bidding process announced for 17 onshore contract areas comprising of 64 Oil & Gas producing fields with total in - place oil equivalent of gas volume of about 300 million metric tonnes of oil equivalent.
Companies -- either alone or in consortium or venture -- may bid for one or more contract areas, ONGC said in statement. There will be complete marketing and pricing freedom to sell Oil & Gas on arm's length basis through competitive basis.
The bidders are required to fulfil requisite technical and financial criteria. Bids received will be evaluated on the basis of revenue sharing from incremental Oil & Gas production.
The contract period will be 15 years with an option to extend by five years. ONGC said incentive will be available for achieving production higher than the committed incremental production.
ONGC is inviting the bids through its e-procurement portal A pre-bid conference will be held at ONGC corporate office in the national capital.
Bidders interested in studying the data can access the data viewing facility at Institute of Reservoir Studies of ONGC in Ahmedabad, according to a statement of ONGC.
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