ONGC to invest Rs15,000 crore for 6 contracts secured in DSF-III bid round

12 Sep 2022 , 09:20 AM

ONGC (Oil and Natural Gas Corporation) has secured six contracts in the DSF-III bid round of discovered small fields (DSF) offshore, with 3 contracts each in the Arabian Sea and Bay of Bengal.

These contracts include 4 areas as a sole bidder and 2 contracts in partnership with Indian Oil Corporation (IOCL).

The company also bagged 2 contracts for Fields under the Special Bid round 2021 blocks in Jharkhand and Madhya Pradesh.

According to the rules of the RSC, the Contractor indicates a total projected expenditure commitment to the Government of India in the Special CBM bid round-2021 under OALP. So, for the two blocks awarded to ONGC, the company estimates a commitment of USD 5.94 million (approx Rs47 crore).

In the 6 DSF contracts secured by the company, the company plans an investment of USD 1,894.50 million (approx Rs15,090 crore) towards development.

On September 9, 2022, in the presence of Hon’ble Minister of Petroleum & Natural Gas, Hardeep Singh Puri, and ONGC CMD Rajesh Kumar Srivastava the contracts were exchanged. Pankaj Kumar, ONGC Director (Offshore), was also present.

On June 10, 2021, the Government of India launched the DSF-III bid round 2021. Under the Discovered Small Field Policy, a total of 75 fields (Nomination & PSC Regime) were pooled into 32 Contract Areas (11 Onland and 21 Offshore) for offer under DSF-III.

At around 9.27 AM, ONGC was trading at Rs134.25 up by Rs0.3 or 0.22% from its previous closing of Rs133.95 on the BSE. The scrip touched intraday high and low of Rs135.30 and Rs133.90 respectively.

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