Date:12/05/2006 URL: http://www.thehindu.com/2006/05/12/stories/2006051204331800.htm

Business

ONGC ties up with Halliburton

Special Correspondent

NEW DELHI: The Oil and Natural Gas Corporation (ONGC) has entered into an agreement with Halliburton of the U.S. in a bid to raise output from Assam oilfields by as much as 50 per cent within three years. According to ONGC chairman Subir Raha, the production in these fields is expected to rise to as much as 1.9 million tonnes annually as a result of the tie-up with this global oilfield service provider.

Under the terms of agreement, Halliburton will help to improve output from the ONGC's Lakwa, Lakhmani and Geleki fields. The "Heads of Agreement'' (HOA) document was signed earlier this week by Mr. Raha and the Halliburton COO, Andy Lane. A company release says the areas of cooperation identified in the agreement include recovery improvement and production optimisation of three ONGC fields in Assam — Lakwa, Lakhmani and Geleki — with the provision of increase in the number of fields.