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ONGC's onshore projects running out of quality bidders-III: Costing benchmarks to be reviewed
Jun 13: The fact that the L-1 bidder quoted a price that was as much as 40% lower than the reserve price of ONGC for the tender for GGS cum Central Tank Farms is a subject of discussion both in the industry and ONGC.
8Clearly, the reserve price formulation was incorrect
8This has now promoted a review of all onshore jobs by the Onshore Engineering Services
8The methodology of arriving at the reserve price will now be reviewed and global benchmarks as well global best practices standards will have to set both for project description as well as cost benchmarking.
8The old method of hiring a local consultant, as was the case with this project, and then conducting a price build-up will be discarded and a better way of price discovery will be adopted
8A business development opportunity will be available as a result
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