In response to a government push to increase local supplies and cut expensive imports, Oil and Natural Gas Corp. is set to boost output from domestic oil fields.
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In response to a government push to increase local supplies and cut expensive imports, Oil and Natural Gas Corp. is set to boost output from domestic oil fields.
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India’s biggest explorer, has shortlisted U.S. oil service companies Halliburton, Schlumberger and GE subsidiary Baker Hughes for the first time to boost output.
The companies have to submit their proposals for what ONGC is calling a “production enhancement contract” for an oil field in Assam and Gujarat.
ONGC, which the government hopes to eventually build into a global giant has often been criticised by analysts and New Delhi for failing to increase its production.
ONGC’s output ”” most of it from fields that have been operating for more than 30 years ”” is declining at the rate of 7 to 8% a year.
