ONGC closing up on Vashishta FID
US-based McDermott pips two rivals with lowest bid in international tender to find contractors to develop oil and gas fields off eastern India
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INDIA'S largest oil-and-gas exploration and production company, Oil & Natural Gas Corporation (ONGC), is moving towards making a final investment decision (FID) on the delayed development of the Vashishta and S-1 fields, after receiving a winning bid from US-based international contracting group.
The bid by McDermott came within a revised project budget, and beat competing commercial bids from two other qualified contenders, Subsea 7 and Technip in an international tender. The US company's bid at US$366 million is understood to be over US$100 million off the next-lowest submission.
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