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Selection of FPSO for KG-DWN-98/2: All eyes on ONGC
Apr 05: Inevitably enough, ONGC is cornered again, over the selection of an FPSO for the KG-DWN-98/2 block.
8The FPSO needs to be mobilized within a 30-month deadline, the award has been delayed already.
8Two deadlines, one for end February and the other for end March, have passed.
8On a single tender basis, the quote given by the Shapoorji Pallonji-Bumi Armada consortium is way above the reserve price of ONGC At whatever price the deal is eventually negotiated, it will be the highest that ONGC will every pay for a single E&P facility.
8Already on the mat for setting the terms and conditions for the FPSO such that a single bidder had qualified, it remains to be seen how the E&P major gets itself out of this Gordian knot
8Meanwhile time is running out
Click on Details for more on the day rate, the reserve day rate and how negotiations are going as of now


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