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State-run Oil and Natural Gas Corporation (ONGC) on Saturday said it has signed 6 contracts for discovered small fields (DSF) in the offshore under DSF-III bid round, with 3 each for fields in the Arabian Sea and Bay of Bengal.
The contracts were exchanged in the presence of the Minister of Petroleum & Natural Gas Hardeep Singh Puri, by ONGC CMD Rajesh Kumar Srivastava on Friday.
These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation (IOC), the Maharatna company said in a a statement.
Contracts
ONGC also inked two contracts for fields under Special CBM (coal bed methane) 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 Centre.
For the 2 CBM blocks awarded to ONGC, the total investment commitment is to the tune of $5.94 million. In the 6 DSF-III blocks awarded to ONGC (2 under JV with IOC) an investment of $1.89 billion is planned towards development in the blocks.
The DSF-III bid round 2021 was launched by the government 10 June 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-III.
ONGC participated in the bidding and subsequently won 6 contract areas. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOC).
The CBM special bid round 2021 was launched by the government on 22 September 2021 and concluded on 31 May 2022 with a total of 15 blocks under offer. ONGC participated in the bidding of 2 blocks and won 2 blocks one each in Jharkhand and Madhya Pradesh.
On Friday, Puri also witnessed the signing of contracts for 31 Discovered Small Fields (DSF) blocks under DSF bid round-III and 4 CBM blocks under CBM bid round-V awarded to 14 E&P domestic companies. During the event, the Minister also unveiled the logo for India Energy Week (IEW) 2023, the Ministry’s flagship event taking place from February 6-8, 2023 in Bengaluru.
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