Thursday, October 6, 2022

OIL seeks partners to ramp up oil output from ageing its ageing fields

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New Delhi: India’s second-largest state-owned petroleum explorer, Oil India Ltd (OIL), is looking for technology partners to ramp up oil output from two of its old and ageing fields in Assam and Rajasthan and has floated a tender in this regard.

What is it that the technology partner will be expected to deliver?

The partner will be expected to enhance output from the marginal fields including Digboi in Assam and Baggitibba in Rajasthan with total in-place hydrocarbon volume of around 49 million tonne of oil equivalent, an official statement from the company said.

“The offer would provide an opportunity to oil & gas service providers and operators to partner with OIL on a revenue sharing model. However, the petroleum mining lease and ownership of the fields will remain with OIL,” it added.

Offer valid till December 20

The public sector undertaking (PSU) added that the new technology partner will bring in a new and appropriate technology to ramp up production from the oil fields. A notice inviting offers from interested entities was put up by the company on its website. The offer is valid till 20 December.

The tender comes as the company recorded a consistent decline in its oil output in the month of April and May.

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