ONGC gets 28 bids for 50 gas fields in first offer involving private sector

State-owned ONGC has received bids for 50 out of the 64 small and marginal oil and gas fields it offered in a bidding round for raising production by involving private companies.

As many as 12 companies made 28 bids for 50 fields at the close of bidding on January 17, sources said about the company’s first such offer.

ONGC clubbed the 64 fields into 17 onshore contract areas that have a cumulative 300 million tonne of oil and oil equivalent natural gas reserves.

Sources said 28 bids were received for 14 clusters, covering 50 fields, but none for three clusters that cover 14 fields.