ONGC signs 6 contracts for offshore fields in Arabian Sea, Bay of Bengal
Four of which were signed as the sole bidder, whilst two were in partnership with IOCL.
The Oil and Natural Gas Corporation (ONGC) has signed six contracts for offshore fields found in the Arabian Sea and Bay of Bengal.
Of the six contracts for Discovered Small Fields (DSF), four were signed by ONGC as a sole bidder, whilst two others were signed in partnership with the Indian Oil Corporation Limited (IOCL).
The Company’s total investment for the 6 awarded contracts amounted to $1.89b.
Moreover, it also signed two contracts for fields under the Special CBM bid round-2021. For two of the CBM blocks awarded to ONGC, the total investment commitment stood at $5.94m
The contracts were signed before Honorable Minister of Petroleum & Natural Gas Shri Hardeep Singh Puri, by ONGC CMD Rajesh Kumar Srivastava on 9 September 2022 in New Delhi. ONGC Director (Offshore) Pankaj Kumar was also present.
The DSF-III bid round 2021 was launched by the Government of India on 10 June 2021; whilst the CBM special bid round 2021 was launched by Government on 22 September 2021.