ONGC may revise terms of production-boosting plan for 64 oil and gas fields

Industry sources said the revised terms might have to be again cleared by the Cabinet


Based on existing guidelines, the new contractor was expected to be selected on a revenue sharing basis

Shine Jacob New Delhi
State-run Oil and Natural Gas Corporation (ONGC) is likely to revise the terms of the much-hyped production enhancement plan for 64 oil and gas fields, after concerns raised by prospective bidders over the operating cost and other bidding criteria.

According to multiple sources, at least 14 of the 23 companies that participated in the pre-bid meeting on September 17 had asked for “compensation covering the operating cost to be borne by the contractor related to the baseline production”. Following this, the Directorate General of Hydrocarbons (DGH) and ONGC have decided to revise the contract terms.

It was in February this year that the Union Cabinet had cleared the handing over of 66 discovered marginal oil and gas fields by ONGC

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First Published: Nov 11 2019 | 8:02 PM IST

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