ONGC Gets Only Three Bids For CBM Blocks

India’s state owned energy firm Oil and Natural Gas Corporation (ONGC) has received only three bids for its four coal bed methane blocks.

A report in Business Standard newspaper says that the three parties are Great Eastern Energy Corporation (GEECL), Dart Energy and a consortium of Jindal Steel and Deep Industries. 

ONGC plans to farm out 35-45 per cent stake in each of the four CBM blocks — in Jharia and Bokaro in Jharkhand and North Karanpura and South Karanpura in Raniganj, West Bengal.

Forced by the ministry of petroleum and natural gas last July, the company decided to cancel its earlier bid for farming out the blocks and invited fresh bids from international players, too, in November, the newspaper said.

“International bidders have stayed away. In addition to the hassles while operating in India, for many companies exploring of CBM is not an attractive proposition,” said a senior official from one of the bidding companies.