Business NewsNational News
In the Arabian Sea and the Bay of Bengal, ONGC signs six contracts for three offshore fields each
The development of the six DSF-III blocks that ONGC was awarded will cost $1,894.5 million, according to the oil refinery.
Oil and Natural Gas Corporation (ONGC) announced in a statement on September 10 that it has signed six contracts for Discovered Small Fields (DSF) in offshore, with three contracts each for fields in the Arabian Sea and the Bay of Bengal.
Through the DSF-III bid round, the contracts were acquired. Additionally, it included two contract areas in collaboration with Indian Oil Corporation Limited (IOCL) and four contract areas for which it was the lone bidder.
The development of the six DSF-III blocks that ONGC was awarded will cost $1,894.5 million, according to the oil refinery.
In addition, ONGC signed two contracts for fields in the Madhya Pradesh and Jharkhand blocks in the special CBM bid round-2021. The overall investment commitment for the two CBM blocks awarded to ONGC is $5.94 million, it was stated.
The contracts were exchanged on September 9 in New Delhi by ONGC CMD Rajesh Kumar Srivastava in the presence of Minister of Petroleum & Natural Gas Hardeep Singh Puri. Pankaj Kumar, Director (Offshore) of ONGC, was also present, according to ONGC.
On June 10, 2021, the Indian government opened the DSF-III bid round. 75 DSF Policy fields in all were combined into 32 contract areas (11 inland and 21 offshore). ONGC took part in the bidding process and ultimately won six contract areas.
The government began the CBM special bid round 2021 on September 22, 2021, and it ended on May 31, 2022, with a total of 15 blocks up for grabs.
