ONGC signs 6 contracts in DSF-III round, to invest Rs 15000 crore

12/09/2022

ONGC signs 6 contracts in DSF-III round, to invest Rs 15000 crore In the six DSF-III blocks awarded to ONGC (two under JV with IOC) an investment of Rs 15077 crore ($1894.5 million) is planned towards development in the blocks, the company said adding that it has signed two contracts for fields under special coal bed methane (CBM) bid round -2021 blocks in Jharkhand and Madhya Pradesh. For the two CBM blocks, the total investment commitment is to the tune of Rs 47 crore ($5.94 million), it added.

State-run Oil and Natural Gas Corporation (ONGC) has signed six contracts for Discovered Small Fields (DSF) offshore, with three each for fields in the Arabian Sea and Bay of Bengal, the company said in a statement today.

The contracts were signed under the DSF-III bid round.

These also include four contract areas as a sole bidder and two contract areas in partnership with refiner and marketer Indian Oil Corporation Limited (IOCL).

In the six DSF-III blocks awarded to ONGC (two under JV with IOC) an investment of Rs 15077 crore ($1894.5 million) is planned towards development in the blocks, the company said adding that it has signed two contracts for fields under special coal bed methane (CBM) bid round -2021 blocks in Jharkhand and Madhya Pradesh. For the two CBM blocks, the total investment commitment is to the tune of Rs 47 crore ($5.94 million), it added.

On Friday, Cairn Oil & Gas signed a contract for eight oil and gas fields under the DSF bid round-III. "Of the eight blocks won, five are offshore (Cambay off, Kutch off, Mumbai off and KG off) and three are onshore (two in Assam, one in Madhya Pradesh). Over the next two decades, these fields are expected to produce 84 mmboe (million metric barrels of oil equivalent) of crude oil," Cairn said in a public statement.

According to analysts, these DSF and CBM rounds are important and will help India reduce its dependence on imports while meeting the country's growing energy demand.

The DSF-III bid round 2021 was launched on June 10, 2021. A total of 75 fields were clubbed in 32 contract areas (11 inland and 21 offshore). The CBM special bid round 2021 was launched on September 22, 2021, and concluded on May 31, 2022, with a total of 15 blocks under offer.

Source: energy.economictimes.indiatimes.com

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