Financial Daily from THE HINDU group of publications
Tuesday, May 25, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 25, 2004 |
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Corporate
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Announcements ONGC, Schlumberger join hands for field study Our Bureau
New Delhi , May 24 OIL and Natural Gas Corporation (ONGC) on Monday forged an alliance with global oil service provider Schlumberger for sourcing technology to increase production from its depleting and ageing fields. "Our technical alliance with Schlumberger will mainly be for oil and gas field study and techniques to increase production," ONGC Chairman and Managing Director, Mr Subir Raha told newspersons here. The tie-up is aimed at increasing the company's annual crude oil production of 26 million tonnes and arrest the natural decline in production due to the ageing field. ONGC and Schlumberger will jointly bear the expenses involved in studying the possibility of increasing production. The study will initially cover 15 fields. If the results are positive, ONGC is looking at giving the field development contract to the United States' (US) firm on a service fee-basis or share the proceeds of the increased production. ONGC is also looking at similar tie-ups with US majors Halliburton and Transocean for drilling technology. "Our tie-ups are risk mitigation exercises and would get us the best of technology and services for boosting output," Mr Raha said. The ONGC chief and Schlumberger Chairman and Chief Executive Officer, Mr Andrew Gould signed a Memorandum of Understanding (MoU) for technical collaboration. The MoU envisages cooperation in improving recovery and reservoir management, marginal field development, exploration in frontier basins, deep-sea exploration and exploitation, IT and data management solutions, logistics management, integrated project management and engineering services. The activities, under the agreement, range from date collection, processing and interpretation of geological data, consultancy to project alliance, innovation and R&D, logistics and other associated communication and service protocols. "The MoU is a value enhancement alliance between ONGC and Schlumberger for long-term strategic interest to both the companies. This approach is expected to access best in class technology at a preferred cost for effective integrated solutions,'' Mr Raha said.
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