In a statement the firm said, “ONGC will award the contracts for the fields to the successful bidders by December 2004. ONGC will retain full ownership and production from these marginal fields and will pay successful bidders a fee for developing the fields.”
“Companies from countries including Malaysia, Canada and the UK have submitted EOIs for development of these fields, which are estimated to have 63 MMT of oil and 29 BCM of gas,” it added without elaborating further.
It is understood the fields have total estimated reserves of 63 million metric tons of oil and 29 billion cubic metres of gas.
