(ET)
Oil and Natural Gas Corp (ONGC) has further extended to January 17 the deadline to accept bids for its 64 small producing fields, its chairman said. The deadline has been extended on requests from some potential bidders, Chairman Shashi Shanker said. The original deadline was December 20, which was extended to January 3.
ONGC had invited bids from private players in June for its 64 small fields, clubbed in 17 contract areas. The company has altered some tender conditions to encourage increased participation by potential bidders.
ONGC wants private operator to bear all new costs and receive a share in the additional production beyond the baseline output. The bidder seeking the least share of revenue from the incremental production would win.
