CGG bids lowest for ONGC broadband 3D

Vol 17, PW 24 (17 Jul 14) News in Brief

Hopefully this time it will actually win a contract.

CGGVeritas is lowest bidder yet again in ONGC's tender to shoot its first ever broadband 3D survey. When ONGC opened price bids on July 4, it found CGG quoted $95m to acquire and process 3960-sq km 3D on the western periphery of Mumbai High by 2016.

Sole competitor WesternGeco quoted $106m. However, as of last week, CGG had not received ONGC’s Letter of Award.

Could ONGC pull a repeat of what happened last year; when it scrapped a tender to shoot 2000-sq km broadband 3D, after CGG, which was lowest bidder there too quoting $67m, refused to lower its price It's anyone's guess. PGS, which was also pre-qualified for this tender by ONGC, stayed away.

CGG has yet to choose a vessel for this assignment which ONGC wants completed in six and a half months. Bids were submitted on May 13.

Broadband 3D technology has been around since 2006 but has yet to be used by ONGC.