The state-owned Oil and Natural Gas Corporation (ONGC) has asked the petroleum ministry to return to it the Ratna and R-Series oilfields which had been offered for bidding in September 1993. This was the second round of bidding of the discovered oil fields.
ONGC said despite a lapse of almost nine years, the production-sharing contract for the fields had not been finalised. Since the fields had been discovered by ONGC, these should be returned to the corporation for development and production.
The corporation argued that it had the technology and the financial strength to develop these fields and that no assistance was required in this case.
ONGC