ONGC signs six contracts for Discovered Small Fields in offshore, three each in Arabian Sea, Bay of Bengal
Sep 10, 2022
New Delhi [India], September 10 : Oil and Natural Gas Corporation (ONGC) has signed six contracts for Discovered Small Fields (DSF) offshore, with three each for fields in the Arabian Sea and Bay of Bengal, the company said on Saturday.
The contracts were obtained under the DSF-III bid round. These include four contract areas as sole bidders and two contract areas in partnership with Indian Oil Corporation Limited (IOCL), said a statement issued by the ONGC.
In the six DSF-IIl blocks awarded to ONGC (two under Joint Venture with IOC), an investment of $1,894.5 million is planned for development in the blocks. The contracts were exchanged in the presence of Minister of Petroleum and Natural Gas Hardeep Singh Puri, by ONGC CMD Rajesh Kumar Srivastava on Friday here in the national capital. ONGC Director (Offshore) Pankaj Kumar was also present.
The DSF-III bid round 2021 was launched by the Government of India on June 10, 2021. A total of 75 fields (Nomination & PSC Regime) under the Discovered Small Field Policy were clubbed in 32 Contract Areas (11 Onland and 21 Offshore) for offer under DSF-IIl.
ONGC participated in the bidding and subsequently won six contract areas. These include four contract areas as a sole bidder and two contract areas in partnership with Indian Oil Corporation Limited (IOCL).
The Energy Maharatna also signed two contracts for Fields under Special CBM Bid round-2021 blocks in Jharkhand and Madhya Pradesh. In the Special CBM bid round-2021 under OALP, as per provisions of the RSC, a total estimated expenditure commitment is indicated by the Contractor to the Government of India.
For the two CBM blocks awarded to ONGC, the total investment commitment is to the tune of $5.94 million.
The CBM special bid round 2021 was launched by Government on September 22, 2021, and concluded on May 31with a total of 15 blocks under offer. ONGC participated in the bidding of two blocks and won two blocks one each in Jharkhand and Madhya Pradesh.
