Indianmandarins has learnt that ONGC is looking for partnerships with overseas oilfield service providers to boost output from its ageing oil and gas fields. Under the terms of the tie-up being discussed, firms such as Schlumberger NV and Halliburton Co will invest capital and share technical expertise in stagnant but producing ONGC hydrocarbon fields.
If the foreign partners are able to increase output, they may be paid a pre-determined fee on each additional barrel of crude oil produced, making it first for India to follow this kind of arrangement.
ONGC accounts for half of India's total oil and gas production and has often been criticised by investors for failing to arrest a steady decline in its output. Most of its major fields are more than 25 years old.
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ONGC looking for overseas partners
By IndianMandarins - 2016-03-17 18:01:46
Indianmandarins has learnt that ONGC is looking for partnerships with overseas oilfield service providers to boost output from its ageing oil and gas fields. Under the terms of the tie-up being discussed, firms such as Schlumberger NV and Halliburton Co will invest capital and share technical expertise in stagnant but producing ONGC hydrocarbon fields.
If the foreign partners are able to increase output, they may be paid a pre-determined fee on each additional barrel of crude oil produced, making it first for India to follow this kind of arrangement.
ONGC accounts for half of India's total oil and gas production and has often been criticised by investors for failing to arrest a steady decline in its output. Most of its major fields are more than 25 years old.
