Fresh auction round likely for ONGC, Oil India blocks

23 Sept. 2020-The Ministry of Petroleum and Natural Gas (MoPNG) is coming up with a fresh strategy to increase hydrocarbon production in the country. It is likely to open bidding for production enhancement contracts (PECs) of old oil blocks of Oil India (OIL) and Oil and Natural Gas Corporation (ONGC).

It is also planning to give sops to producers by extending concessions, stretching timelines and asking the finance ministry to reduce oil cess. The PEC bidding will be similar to ONGC seeking bids for 49 hydrocarbon fields last year. “In order to help companies tide over the Covid crises