New Delhi: The largest ONGC Explorer in India on Thursday invites offers to privatize 43 small and marginal fields, marking the second attempt by the government-managed company to attract the private capital with the aim of increasing production.
The fields offered have a total volume of gas and oil equivalents at around 160 million tons.
Ongc has been in June 2019 inviting offers for 64 fields with cumulative 300 million tons of oil and natural gas reserves equivalent to oil.
But the tender is bombed when investors move away.
In the last round, 43 fields will be given to companies that offer the highest part of oil and gas output above the base line, he said in a statement.
It is spread throughout Gujarat, Assam, Tamil Nadu and Andhra Pradesh.
The contract period will be for 15 years with an option for five years extended.
The company will get a 10% discount at royalty levels for natural gas production in the top and above business such as ordinary scenarios.
Winners will be free to carry out sustainable exploration during the contract period.