ONGC looks to sell stake to global companies

Oil and Natural Gas Corp (ONGC) is seeking equity partnership with global players that can bring technical expertise as well as financial muscle to help develop two difficult fields off the eastern coast.

ONGC has invited expression of interest (EoI) from global oil and gas companies “for firming up a viable strategy” in the development of Deen Dayal West (DDW), a high-pressure high-temperature field in the Bay of Bengal, and ultradeep discoveries in Cluster-III of KG-DWN-98/2 block in the KG Basin. Parties can submit their interests by June 16.

“The EoI is essentially an exercise for identifying companies having technical expertise and experience for the subject requirements,” the company said in the tender document. “Interested companies will be allowed to participate in the subsequent bidding process initiated as per the response to this EoI subject to qualifying the bid evaluation criteria.”

ONGC acquired 80% participating interest in the DDW field in 2017 from Gujarat State Petroleum Corporation (GSPC). “ONGC intends to undertake a revision of field development plan after firming up the well engineering and completion strategy for implementation in new wells,” the company said. “Considering the inherent knowledge, cost and tech challenges associated with the field, ONGC would like to seek technical expertise to firm up a way forward for future development.”

ONGC plans to assess the interest level of potential partners in developing a field development plan for the ultradeep discovery and also seek their views on possible business models.


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