New Delhi, Jun 29 (UNI) Aiming to further enhancing its production, public sector exploration and production company Oil India Limited (OIL) on Saturday called for bids seeking partners for two of its marginal fields including, Digboi field in Assam and Baggitibba field in Rajasthan through induction of new and appropriate technology.
The last date of offer would be December 20.
“…. Oil India Limited, in its endeavour to enhance production from its old and ageing fields has published Notice Inviting Offer (NIO) seeking partners for enhancement of production from two of its marginal fields — Digboi field in Assam and Baggitibba field in Rajasthan,” the company said in a statement.
The total in place hydrocarbon volume of the two fields is of the order of 49 MMTOE, it added.
The offer will be based on a revenue sharing model. However, the Petroleum Mining Lease and Ownership of the fields will remain with the state-run company.
The new technology partner will infuse new and appropriate fit for purpose technology to increase the production.
A Notice Inviting Offer is available in OIL’s E-tender portal (https://etender.srm.oilindia.in).
In January this year, the government had asked state-owned explorers to rope in the private sector to raise production to better exploit its hydrocarbon resources and cut dependence on foreign oil.
In between 2013 and 2017, India’s demand for petroleum products grew at a compound annual growth rate of 5.5 per cent.
In March 2015, Prime Minister Narendra Modi had set a target of reducing import dependence on crude oil by 10 percentage points to 67 per cent by 2022.