ONGC taps advisers to hike output

Mumbai: Oil and Natural Gas Corporation Ltd (ONGC) is set to hire international oil service giants for the first time to boost output from domestic oilfields in response to a government push to increase local supplies and cut expensive imports.

ONGC, India's biggest explorer, has shortlisted US oil service companies Halliburton, Schlumberger and GE subsidiary Baker Hughes to submit proposals on boosting production from two onshore fields, according to a document seen by Reuters.The three companies have until May to submit their proposals for what ONGC is calling a "production enhancement contract" for an oilfield in Assam and another in Gujarat.

"The shortlist is ready. We will now share our data on the two fields with these companies," an ONGC executive said.

The executive said the final contract is likely to be awarded by May.

Emails to Halliburton, Schlumberger and Baker Hughes requesting comment on their participation were unanswered outside of US business hours.

Oil and Natural Gas Corporation Limited (ONGC)