Inviting offer
ONGC invites offers for enhancing production from its marginal nomination fields

Oil and gas production

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Notice Inviting Offer seeking partners



ONGC invites offers for enhancing production from its marginal nomination fields
ONGC invites offers for enhancing production from its marginal nomination fields

Thesynergyonline Corporate Bureau
NEW DELHI, AUGUST 19 :
Oil and Natural Gas Corporation (ONGC) announced Notice Inviting Offer (NIO) seeking partners for enhancement of production from its marginal nomination fields inline with its goal of maximizing recovery from its producing fields. .

Under the NIO, 11 onland contract areas comprising of 43 oil and gas fields with total in-place O+OEG volume of about 160 MMTOE are offered to interested companies through an International Competitive Bidding (ICB) Route. These contract areas are spread across the states of Gujarat, Assam, Tamil Nadu and Andhra Pradesh.

Eligible companies (Indian or Foreign), either alone or in consortium with other companies, may bid for one or more contract areas. The bidders are required to fulfil the requisite technical and financial criteria as per the NIO conditions and the bids would be evaluated on the basis of revenue sharing from the incremental production.

ONGC is inviting the bids through its e-bidding portal by 3rd December, 2021. A pre-bid conference will be held on 20th October 2021 (mode/ venue to be intimated later). Bidders interested in studying the data can purchase field information docket and data packages. Upon request, the interested companies shall be able to access the data viewing facility at IRS, Ahmedabad and visit the fields, if required.

Salient features of the ONGC offering:
Complete marketing and pricing freedom to sell Hydrocarbons on arm's length basis through competitive bidding.

Partner will be selected on revenue sharing basis. The revenue will be shared on incremental production over and above the baseline production under Business-as-usual (BAU) scenario
A contract period of 15 years with an option to extend by 5 years
A reduction of 10% in the royalty rate for incremental production of natural gas over and above BAU scenario
Easy to administer Revenue Sharing model based contract
Continuous exploration permitted during the contract period including the right to explore all kinds of hydrocarbon
No past investment/ expenditure incurred by the ONGC to be shared or paid by the Contractor
Ease of entry/ exit Incentive for partners to enhance production beyond committed incremental production.

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