Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks it had won in the latest bid round that saw scant participation from the private sector. A total of 12 bids, including seven bids by ONGC and four by OIL India, were received for the 11 blocks on offer at the close of bidding on June 30. Invenire Petrodyne was the only private bidder for one block. While ONGC was the sole bidder for six blocks, OIL was the lone bidder in all the four blocks it bid for.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
