ONGC to boost output

ONGC, to boost output from ageing oil and gas fields, will form partnerships with overseas oilfield and service providers. According to the terms of the tie-up being discussed, firms such as Schlumberger NV and Halliburton Co will invest capital and share technical expertise in the company´s hydrocarbon fields. If the foreign partners are able to increase output, they will be paid a pre-determined fee on each additional barrel of crude oil produced, making it the first time India has adopted this kind of agreement. Contact: ONGC. Website: www.ongcindia.com