ONGC’s mature O&G fields on the block
OIL & GAS

ONGC’s mature O&G fields on the block

In a bid to reverse the declining output on mature and ageing oil and gas fields, the government-owned Oil and Natural Gas Corporation (ONGC) has invited bids from global gas companies for undertaking work to enhance production in these areas. Under this 15-year Production Enhancement Contract (PEC), firms will be required to commit to investments in capital and operating expenditure to boost production.

On October 27, ONGC furnished an Expression of Interest (EoI) notice, which proposed to offer 15-year PECs to foreign and non-native contractors for an undisclosed number of the mature and ageing fields. To facilitate this arrangement, a tariff will be paid in US dollars for every barrel of oil and for every million British Thermal Units (BTUs) of gas or any additional hydrocarbons that are produced and reserved over the baseline. While the company itself has not put out any statements for the names of the oil and gas fields that have been enlisted in the EoI, media sources claim that these fields are primarily located in Gujarat and Assam—regions that are largely the oldest O&G-producing basins in the country.

The tender further stated that ONGC wishes to carry out a prompt enhancement of production from its mature onshore fields under the Production Enhancement Contract (PEC) by employing the services of gas and oil companies with a considerable global reputation, resources, financial capability, and the technical expertise to efficiently achieve their objective of bringing about a much-needed recovery of the ageing fields.

Under the stipulations of the PEC, companies will be required to dedicate investment in the capital as well as operating expenditure to make sure that the production witnesses a substantial rise from its existential value by the implementation of novel technologies. The companies are expected to concern themselves with aspects of reserves assessment, reservoir modelling, and the implementation of a development plan to achieve tangible increments in the scale of production. ONGC will be the sole owner of all the gas and oil that will be produced under this arrangement, and anyone willing to partake is expected to share their response until December 1.

This move marks ONGC’s second such foray into inducting partners with the vision of executing a prompt revival of its mature and ageing fields. Earlier, on 28 December 2018, it had solicited PEC bids for Assam’s Geleki field and Gujarat’s Kalol field. However, on that occasion, only Geleki had received a response courtesy Schlumberger, and the call for Kalol had gone unresponded.

In a bid to combat diminishing output from its ageing fields, the government has been pushing ONGC to extend invitations to foreign companies for a while now. To meet the government’s target of cutting import dependence by 10 per cent by 2022, ONGC is aiming to swiftly raise its domestic output to the best of its abilities.

In a bid to reverse the declining output on mature and ageing oil and gas fields, the government-owned Oil and Natural Gas Corporation (ONGC) has invited bids from global gas companies for undertaking work to enhance production in these areas. Under this 15-year Production Enhancement Contract (PEC), firms will be required to commit to investments in capital and operating expenditure to boost production. On October 27, ONGC furnished an Expression of Interest (EoI) notice, which proposed to offer 15-year PECs to foreign and non-native contractors for an undisclosed number of the mature and ageing fields. To facilitate this arrangement, a tariff will be paid in US dollars for every barrel of oil and for every million British Thermal Units (BTUs) of gas or any additional hydrocarbons that are produced and reserved over the baseline. While the company itself has not put out any statements for the names of the oil and gas fields that have been enlisted in the EoI, media sources claim that these fields are primarily located in Gujarat and Assam—regions that are largely the oldest O&G-producing basins in the country. The tender further stated that ONGC wishes to carry out a prompt enhancement of production from its mature onshore fields under the Production Enhancement Contract (PEC) by employing the services of gas and oil companies with a considerable global reputation, resources, financial capability, and the technical expertise to efficiently achieve their objective of bringing about a much-needed recovery of the ageing fields. Under the stipulations of the PEC, companies will be required to dedicate investment in the capital as well as operating expenditure to make sure that the production witnesses a substantial rise from its existential value by the implementation of novel technologies. The companies are expected to concern themselves with aspects of reserves assessment, reservoir modelling, and the implementation of a development plan to achieve tangible increments in the scale of production. ONGC will be the sole owner of all the gas and oil that will be produced under this arrangement, and anyone willing to partake is expected to share their response until December 1. This move marks ONGC’s second such foray into inducting partners with the vision of executing a prompt revival of its mature and ageing fields. Earlier, on 28 December 2018, it had solicited PEC bids for Assam’s Geleki field and Gujarat’s Kalol field. However, on that occasion, only Geleki had received a response courtesy Schlumberger, and the call for Kalol had gone unresponded. In a bid to combat diminishing output from its ageing fields, the government has been pushing ONGC to extend invitations to foreign companies for a while now. To meet the government’s target of cutting import dependence by 10 per cent by 2022, ONGC is aiming to swiftly raise its domestic output to the best of its abilities.

Next Story
Infrastructure Urban

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Next Story
Infrastructure Transport

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Next Story
Infrastructure Urban

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

-->