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Dramatic fall in offshore equipment and service costs-I: Prices are down by as 80% in some cases
Nov 02: Data from ONGC shows a dramatic fall in offshore equipment and service costs in the latest bids received by the E&P major.
8Sources told this website that ONGC has reduced the reserve price by 25% from the Last Purchase Rate (LPR) when benchmarking the latest bids.
8Even then, the company has received quotes which are far lower than the the reduced reserve price.
8Find out more on how much lower have L-1 quotes been from the reserve prices for mud chemicals and mud plant as well as mud logging services for offshore work.
8Prices were down by as much as 75% from the LPR
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