ONGC extends marginal fields bid deadline to 31st May

Vol 9, PW 1 (20 Apr 05) News in Brief

Bidders interested in ONGCs offshore marginal fields can breathe easy.

ONGC has extended the deadline for receiving bids to 31st May from the earlier deadline of 18th April. This follows a pre-bid meeting called by ONGC in Mumbai on 15th May.

The bidders unanimously demanded the extension, an ONGC source tells us. They said they needed more time to study data from the fields and carry out designs on their systems.

ONGC was happy to extend the deadline. It is in our interest that they prepare competitive bids.

On offer are 19 western offshore marginal fields. Most of them are believed to hold small oil pools.

ONGC is offering service contracts for these fields and not ownership of the oil or gas. Companies from Malaysia, Canada, US and Russia have shown interest, as have Indian companies Bharat Petroleum, Hindustan Petroleum, Oil India, Reliance and Tata Petrodyne.