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ONGC receives single bid from Schlumberger for oil field production upgrade

05 Mar 2019 Evaluate

ONGC has received just one bid from US oilfield service company Schlumberger for its ambit's pilot to raise output from ageing oilfields through the infusion of technology. The company is planning to hire international oil service companies for the first time to raise output from its mature oilfields. At the close of bids, only Schlumberger made a financial bid for Geleki field.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

Peers
Company Name CMP
ONGC 221.35
Oil India 449.25
Jindal Drilling&Inds 596.70
Deep Industries 794.55
Asian Energy Service 468.65
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