ONGC expects nice bids in 3D Broadband race

Vol 18, PW 24 (30 Jul 15) Exploration & Production
     

Expect fierce competition in an ONGC tender to shoot 4285-sq km offshore 3D with broadband processing where bids are due on August 18.

Petrowatch.com learns ONGC has pre-qualified CGGVeritas, WesternGeco and PGS. But other companies can still bid; Polarcus and Dolphin Geophysical are believed to have bought tender documents between July 13 and July 22.

"There is not much work around," says one likely bidder. "Companies are hungry for work so will bid very aggressively." ONGC wants 370-sq km 3D shot and processed in the KG basin at its GS-29 block in water depths of 20-800 metres; and 3915-sq km 3D shot in the Mumbai offshore in water depths of 30-85 metres.

For the KG segment rates could be around $14,000/sq-km. Analysts believe the KG basin job will be challenging because the area sees much fishing activity.

"Last year WesternGeco and Dolphin shot in nearby areas," says a source. "They lost a lot of money due to equipment damage caused by submerged fishing nets stretched between bamboo poles." In a separate tender ONGC wants bids by August 17 to shoot and process 652-sq km transition zone Ocean Bottom Cable (OBC) 3D in the KG basin between the coast and 23 metres water depth.

Geokinetics, SMNG-Center and YMG are pre-qualified but two other companies also bought tender documents by July 21. Analysts expect rates to be about six times more than conventional 3D.

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