OIL AND NATURAL GAS CORPORATION LTD. - Clarification from ONGC

The Exchange had sought clarification from the Company with respect to news appearing in DNA on December 18, 2014 titled "ONGC awards 100mn Euro contract to French firm Technip."<BR> <BR>The company replied stating that :<BR><BR>"Kindly note that ONGC had on 29.05.2013 sent a copy of its press release to the Stock Exchanges titled "ONGC declares impressive Annual Performance, notifies two more discoveries, to invest Rs. 4124 Crore in KG Offshore". In the aforesaid Press Release sent to stock exchanges it was stated that "ONGC Board approved an investment of USD 751.65 million (Rs. 4124.35 Crore) for integrated development of Vashista S-1 Fields for production of Natural Gas from KG Offshore....".<BR><BR>Subsequently, ONGC has awarded execution of Vashishta & S1 Onshore Terminal through International Competitive Bidding (ICB) to M/s Technip on 09.05.2014 on Lump Sum Turn Key (LSTK) basis, including taxes and duties of Rs. 669,60,26,000 + USD 11,302,220+EUR 5,287,590 with total financial impact of Rs. 786.08 Crore.<BR><BR>It may kindly be noted that ONGC has not put out any press release with regard to above award of the contract to M/s Technip. Further, award of such contracts are in the ordinary course of business of ONGC and this need not be intimated to the Stock Exchanges."