New Delhi, April 22 -- State-run Oil and Natural Gas Corporation (ONGC) has cancelled its tender for hiring jack-up rigs, citing significant pricing anomalies and concerns over competitive integrity, according to a clarification issued by the company.

Responding to a recent media report, ONGC said it follows "strict adherence to established public procurement principles, with a strong emphasis on transparency, fairness, and the promotion of healthy competition."

The company noted that during the evaluation process, "the pricing levels and bid patterns observed indicated an unusually steep escalation of approximately 60%, from a day rate of USD 35,606 to USD 56,195, within a span of about nine months."

"This increase was considered sign...