G-4 is estimated to hold 0.77 trillion cubic feet of in-place gas reserves. GS-29 is said to have 53 million tonnes of oil reserves. According to the Indian media, citing sources close to the action, ONGC has already begun inviting for initial bids.

“ONGC has invited initial bids for development of its G-4 and GS-29 discoveries in the eastern offshore and is targeting the first oil and gas in 30 months. The state-run firm has invited expression of interest for the field development contracts by June 18 and will open a data room in Mumbai for the potential bidders,” said the informants.

“The contract, which will cover the entire work from concept to commissioning and start of production, will be a lump sum turnkey integrated contract on BOT basis. The subsequent operation of systems, facilities and fields will be taken over by ONGC [and] the service company [will] not have any equity participation in the property of ONGC,” added the sources.

It is said ONGC will also have sole ownership and marketing of the fields and products, the infrastructure constructed for the projects and the petroleum exploratory and mining leases.