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ONGC dismisses reports that claimed it is offering its prominent fields through EoI

ONGC has dismissed reports that the oil major is offering its prominent fields through Expression of Interest (EoI)
ONGC dismisses reports that claimed it is offering its prominent fields through EoI
ONGC dismisses reports that claimed it is offering its prominent fields through EoI
  • ONGC has an established process to upgrade its portfolio with technology infusion and collaboration and meetings with industry players are part of this process, said the PSU
  • ONGC has invited parties to participate in its ongoing 43 marginal fields bid-out tender and has announced the launch of Production Enhancement Contracts for six other fields

New Delhi: State-run Oil & Natural Gas Corporation (ONGC) has dismissed reports that the oil major is offering its prominent fields through Expression of Interest (EoI). In an official clarification issued late on November 18, ONGC said, “This release is in the context of the news carried in a certain segment of the media about ONGC offering its prominent fields through Expression of Interest (EoI). The ‘news’ about ONGC is incorrect. This release aims to clarify the position in this regard, in the interest of corporate governance of a listed company.”

ONGC has sought partners for 43 marginal fields

“ONGC has an established process to upgrade its portfolio with technology infusion and collaboration. As an integral part of this process, ONGC senior management has had several business meetings with various international companies and existing partners who are interested to invest in ONGC projects being offered and to strengthen collaborations. Such meetings during these events and participation are usual for industry players,” said the Maharatna PSU.

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The statement said that ONGC has invited parties to participate in its ongoing 43 marginal fields bid-out tender and has announced the launch of Production Enhancement Contracts for six other fields. 

“ONGC being a listed company, it is requested that such unfounded news, being without basis, may not be published, as such news could affect the share prices and involve regulatory issues. Through this communication, ONGC hopes to set to rest the entire speculation circulating on the issue,” said ONGC.

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