ONGC Calls for Bids to Develop Marginal Fields

ONGC plans to invite global bids by July for the development of 19 marginal offshore oil and natural gas fields, a company official said Monday.

"ONGC will retain full ownership and production from these marginal fields. ONGC will pay successful bidders a fee for developing the fields," the ONGC official told Dow Jones Newswires.

The fields cumulatively are estimated to hold reserves of around 63 million metric tons of oil and up to 29 billion cubic meters of gas, the official added.

Including these 19 fields, ONGC has 96 marginal petroleum fields that aren't commercial viable for the company to develop.

ONGC is India's largest firm by market capitalization. The government owns a 74.11% stake in the company. The remaining shares are held by financial institutions and the public.