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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.


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