ONGC signs contracts under DSF-III bid round for six small fields

TAGS

Oil and Natural Gas Corporation (ONGC) has signed contracts under the DSF-III bid round to develop six discovered small fields (DSF) in Indian offshores.

The contracts cover three fields each in the Arabian Sea and the Bay of Bengal and will involve a total investment of more than $1.89 billion (INR 15,004 crores) to develop the fields.

See also  Hero MotoCorp achieves record sales in 2023, leads motorcycle and scooter market

The DSF-III bid round was launched by the Government of India on 10 June 2021.

DSF-III bid round - ONGC signs contracts to develop six small fields off Indian coast

ONGC signs contracts under the DSF-III bid round to develop six small fields off Indian coast. Photo courtesy of Oil and Natural Gas Corporation Ltd.

It included 32 contract areas consisting of 11 onshore and 21 offshore areas. The contract areas comprise a total of 75 fields, which were combined under the Discovered Small Field Policy for an offer in the bid round.

See also  TCS helps Neptune Energy accelerate cloud transformation journey

The contracts under the DSF-III bid round were exchanged on 9 September 2022 in New Delhi in the presence of the Indian Minister of Petroleum & Natural Gas Hardeep Singh Puri, by ONGC CMD Rajesh Kumar Srivastava.

ONGC has signed four contracts as the sole bidder, while the remaining two are in partnership with Indian Oil Corporation Limited (IOCL).

CATEGORIES
TAGS
Share This