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KG-DWN-98/2 Block-II: ONGC raises estimate for offshore processing platform, but will end up saving money nonetheless
Aug 07: ONGC has raised the cost estimate for the offshore processing platform in the KG-DWN-98/2
8"The reason why this estimate is raised is to take away any surprises. If the quoted price is more than 15% higher than the reserve price, the tender may have to be rejected. So to ensure a smooth tendering process, we want to keep the reserve price realistic, given that there is significant competition in the tender," an ONGC official told this website.
8"We are also examining whether we can keep the third bidder in the race too, so as to enhance competition," the official went on to add
8The competition is tough and there is now anticipation that the winning bid may be lower than ONGC's own estimate as has been the case with the SPF-cum-SURF tender.
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