ONGC awards 49 marginal oil fields to seven firms

Oil and Natural Gas Corporation (ONGC) has placed a notice of award to seven successful bidders in 13 contract areas comprising of 49 marginal oil and gas fields.

Oil and Natural Gas Corporation (ONGC) has placed a notice of award to seven successful bidders in 13 contract areas comprising of 49 marginal oil and gas fields.The bid process for seeking partners for enhancement of production from 64 marginal nomination fields was held recently. The companies participated in an international competitive bidding process for 17 onshore contract areas comprising of producing oil and gas fields.Through a detailed process of evaluation as per tender conditions, seven companies have now been awarded 13 onland contract areas spread across Gujarat, Tamil Nadu, Andhra Pradesh and Assam.

"It is expected with the award of these contract areas, production from these marginal fields will be enhanced," ONGC said in a statement on Saturday. ONGC is India's largest crude oil and natural gas company, contributing about 70 per cent to the domestic production. Crude oil is the raw material used by downstream companies like IOC, BPCL and HPCL to produce petroleum products like petrol, diesel, kerosene, naphtha and cooking gas LPG.

(ANI)

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