ONGC extends deadline to accept bids for 64 fields to January 3
NEW DELHI: Oil and Natural Gas Corp (ONGCNSE -0.62 %) has extended until January 3 a deadline to accept bids from private players interested in operating its 64 small producing fields.
The original deadline was December 20 for bids that were invited in June. ONGC has met several concerns raised by potential bidders in pre-bid meetings, although it has left some unaddressed. Contractors will now have more time to present performance bank guarantees and field development plans, and can offer lower performance guarantees than initially proposed, according to the amended tender documents.
A contractor can now exit a field before three years by forfeiting the full performance bank guarantee.
