The Oil and Natural Gas Corporation (ONGC), based in Mumbai, India, has canceled a recent tender for hiring jack-up rigs after observing a 60% spike in bid prices, which raised suspicions of potential cartelisation among bidders. The day rates for these rigs increased dramatically from $35,606 to $56,195 within nine months, significantly exceeding reasonable market behavior. This cancellation is part of ONGC's commitment to transparency and fairness in its procurement processes, as it aims to prevent unfair trade practices like collusive bidding. The decision follows a broader trend in the global rig market, where rates have fluctuated significantly. In 2024, Saudi Aramco's release of multiple rigs led to a temporary crash in rates to $36,000/day, but recent demand has pushed rates back up to the $80-90,000 range. ONGC's actions reflect its focus on safeguarding public funds and maintaining the integrity of its procurement practices.