New Delhi, Feb 16: The Oil and natural Gas Corporation (ONGC) has entered into a strategic alliance with M/s Weatherford, a leading international oilfield service provider to jointly work in various areas.
According to the pact, both companies will collaborate on near term production enhancement solutions, optimization of reservoirs and production systems through Integrated Project Management, recovery and production optimization, reservoir management, marginal field development, Logging services, data and information management and deep-water exploration and exploitation.
A K Hazarika, Director (Onshore), ONGC and Keith Morley, Sr Vice President, Weatherford International Ltd signed the agreement on Thursday, Feb 12 in New Delhi.
M/s Weatherford International Ltd. is one of the largest integrated global solution providers covering the entire gamut of Exploration and Production activities. It operates in more than 100 countries providing various consulting services for wells, fields and reservoirs development.
Speaking on the occasion, ONGC CMD R S Sharma described the canvas of the MoU as being quite large. He expressed his confidence in Weatherford and said that this collaboration should improve overall well economics for ONGC and lead to a win-win situation for both companies.