Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has reportedly scrapped the initial agreements it signed with oilfield services providers Schlumberger and Halliburton. In December, the company had signed agreements with Schlumberger and Halliburton for enhancement of production from its matured fields of Geleki in Assam and Kalol in Gujarat, respectively. The board felt that the agreements could be challenged in future since there has been no open bidding for this. The company has now invited expression of interest from interested parties to enhance its production.

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.