According to the media report, Oil and Natural Gas Corporation (ONGC), the state-owned biggest oil exploration company, for the first time has finalized the plan to hire some of the reputed oil service biggies to enhance the output from domestic fields.
ONGC has already shortlisted and asked U.S. oil service companies Halliburton, Schlumberger and GE subsidiary Baker Hughes for submitting their respective proposal for boosting the production in two of their onshore fields.
An Executive of ONGC has said “The shortlist is ready. We will now share our data on the two fields with these companies.” He also informed the media personnel that the final contracts may be awarded by May this year.
It could be noted that in last September the Union government had proposed the selling of 605 of the stake in producing oil fields of ONGC; with an intention to expedite the oil and gas production, which will eventually help the country to cut the imports up to 10% by 2022.