| Company News |
ONGC & Schlumberger form strategic alliance
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| Andrew Gould (left) and Subir Raha. |
(5/24/2004 - OGI: Mumbai) India's Oil and Natural Gas Corporation (ONGC)
advised today that it and Schlumberger are entering into a long-term
alliance to allow ONGC to gain access to Schlumberger's latest technology,
operational practices, and expertise on oil field applications. The alliance
will have the flexibility to accommodate several other features and business
models to achieve broad-based value addition for ONGC and Schlumberger.
A memorandum of understanding was signed at New Delhi today by the chairman
and managing director of ONGC Subir Raha and chairman and CEO of
Schlumberger Andrew Gould. It envisages cooperation between the two
companies in improving recovery and reservoir management, marginal field
development, exploration in frontier basins (fold/mountain belt, Proterozoic
basins, and deepwater basins), deepwater exploration and exploitation,
information technology and data management solutions (digital oil and gas
company), logistic management, joint technology centre for innovation and
proprietary solutions, integrated project management, and wireline
logging/seismic/logistic, and other engineering services.
The activities under this MoU range from data collection, processing, and
interpretation of geological and geophysical data, consultancy, engineering
operations, information technology and data management solutions, project
alliance, innovation and R&D, logistics, and other associated communication,
and service protocols. It is seen as a value-enhancement alliance between
ONGC and Schlumberger for long-term strategic interest to both the companies
covering the above-referred activities This approach is expected to access
best in class technology at a preferred cost for effective integrated
solutions.
Gould said, "India continues to be the key focus area for Schlumberger, and
we feel privileged and honored to sign this MoU. We are committed to the
Indian oil and gas industry, and expect to introduce new technologies,
systems, and processes designed to improve recovery and increase exploration
success."
Raha said, "By harnessing Schlumberger technology, experience, and
expertise, we will add value and enhance our E&P capabilities."
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