E&P is an uncertain art but OIL PSUs make it worse – 9 Jul 2024

E&P is an uncertain art. No Dobut

But that is made more uncertain because oil PSUs do not do adequate due diligence before putting a project up for contracting

FEED is absent in many of these projects, so the to-and-fro in pre-bid conferences is the way BECs are finalized.

Here is an E&P activity list today, where bulk of the developments are about extending the bid submission date

Not that this is something new, and ONGC is trying hard to get a Design Engineering Consultant to draw up FEED wherever possible, but this trend of inadequate due diligence must stop at some point in the future.