ONGC to boost output

01 Apr 2016 Editorial Team

ONGC, to boost output from ageing oil and gas fields, will form partnerships with overseas oilfield and service providers. According to the terms of the tie-up being discussed, firms such as Schlumberger NV and Halliburton Co will invest capital and share technical expertise in the company麓s hydrocarbon fields. If the foreign partners are able to increase output, they will be paid a pre-determined fee on each additional barrel of crude oil produced, making it the first time India has adopted this kind of agreement.

Contact: ONGC.
Website: www.ongcindia.com

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