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KG-DWN-98/2 Block-IV: Even though oil prices are hardening, equipment and services are still going cheap
Aug 07:
Thankfully for ONGC, despite the fact that oil prices have begun hardening, the company may be able to still elicit the best price rates from global consortiums bidding for the KG-DWN-98/2 block
8This is because there is a lag effect between oil prices and the hardening of equipment and services rates
8"There has been a significant level of overcapacity in the market, and rates continue to stay low. In fact, in some segments of the offshore industry, such for rigs and floaters, prices continue to go down even as ordering has improved
Click on Details on how ONGC will remain benefited despite the long delay in the contracting process for the KG-DWN-98/2 block.
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8This is because there is a lag effect between oil prices and the hardening of equipment and services rates
8"There has been a significant level of overcapacity in the market, and rates continue to stay low. In fact, in some segments of the offshore industry, such for rigs and floaters, prices continue to go down even as ordering has improved
Click on Details on how ONGC will remain benefited despite the long delay in the contracting process for the KG-DWN-98/2 block.
