New Delhi, Nov 8 (IANS) State-run ONGC plans to hike output from its onshore mature fields through production enhancement contracts (PEC) with oil and gas companies who have technical expertise, financial capability and resources to increase production by improving the recovery from such fields.
The company has already floated a tender, seeking expressions of interest (EoI) from global oil and gas companies for the purpose.
In its tender document, ONGC said that the duration of the PEC will be 15 years or more and companies will be required to commit investment in capital expenditure and operational expenditure to increase production from the existing production by introduction of new technologies, among others.
“Interested companies must demonstrate integrated capabilities across the entire value chain as well as experience of successfully executing such type of contracts,” it said.
The selected company will have to analyse field characteristics and production efforts so far carried out by ONGC, including review of reservoir models and identification of areas for improving the reservoir models for implementation of the objective.
The deadline for submission of EoIs is December 1.