It is believed around 26 million tonnes of crude can be added to ONGC’s annual crude oil production levels from this tie-up.
Under the MOU signed by Raha and Schlumberger CEO Andrew Gould, the two firms will cooperate on improving recovery techniques and reservoir management, marginal field development, E&P techniques and IT and management and engineering services.
All this will be achieved via “date collection, processing and interpretation of geological data, consultancy to project alliance, innovation and R&D, logistics and other associated communication and service protocols”.
In a statement ONGC Chairman and MD Subir Raha said, “Our technical alliance with Schlumberger will mainly be for oil and gas field study and techniques to increase production.”
“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,” added Raha who confirmed his firm was looking for similar alliances with Halliburton and Transocean.
