India's ONGC keen to bid for discovered marginal oil fields in latest auction
New Delhi (Platts)--27 May 2016
Indian state-owned upstream company Oil & Natural Gas Corp. said Thursday it would bid for marginal oil fields that it had previously discovered, in the latest round of offerings.
A total of 67 discovered oil and gas fields will be put up for an auction that starts on July 15. Most of these fields were discovered by ONGC, but were surrendered to the government due to high development costs.
"Our team has started studying [the fields]. " ONGC Chairman D.K. Sarraf said while releasing the company's annual results.
Oil minister Dharmendra Pradhan launched the auction on Wednesday, and investors can bid from July 15 until October 31 for these fields.