ONGC seeks partners to boost output

Proposals have been sought by state-owned Oil and Natural Gas Corp (ONGC) from firms willing to partner with it in raising oil and gas production from its 64 marginal fields. In a statement, the company said that these 64 fields have been clubbed into 17 onshore contract areas which have a cumulative 300 million tonne of oil and oil equivalent natural gas reserves.

ONGC wants partners who can increase output beyond a pre-agreed baseline and will share revenues from such incremental production with them. “Salient features of the ONGC offering (include) complete marketing and pricing freedom to sell oil and gas on arm’s length basis through competitive basis,” the statement said. “The revenue will be shared on incremental production over and above the baseline production under Business-As-Usual(BAU) scenario,” it added.