MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

ONGC invites new bidders to boost production in aging oil and gas fields

ONGC invites new bidders to boost production in aging oil and gas fields

State-owned ONGC has invited bids from global oil and gas companies to boost production from its aging fields as it looks to reverse declining output. According to the tender document, the firm stated that it requires firms to commit to investing in capital and operating expenditure to increase production, higher than the current baseline output. ONGC also issued the expression of interest (EoI) notice offering 15-year PECs to outside contractors for an unidentified number of "mature" fields.

A tariff will be paid in USD per barrel of oil and USD per million British thermal units for gas for any incremental hydrocarbon produced and saved over the baseline. The company did not mention the oil or gas field names, but sources said the fields are primarily in Assam and Gujarat, the country's oldest producing basins.

ONGC intends to undertake production enhancement from its mature onshore fields under the Production Enhancement Contract (PEC)' with suitable oil and gas companies of global repute with technical expertise, financial capability, and resources to increase production by improving the recovery from such field. Companies would be required to commit investment in capital and operating expenditure to increase production from the existing production by introducing new technologies.

YOU MAY ALSO LIKE

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

Business Travelers to Stay at Singapore’s Changi Airport Bubble

Singapore’s open economy depends heavily on tourism and business. But its vibrant but small economy has been hurting as the circumstances due to...

RECOMMENDED