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ONGC service contract negotiations: E&P major walks the extra mile
Dec 05: Final conditions for rolling out service contracts for two ONGC oil fields -- Kalol and Geleki -- are being hammered out by ONGC with three possible service providers, Schlumberger, Halliburton and Baker Hughes.
8One point of contention was about termination of contract arising out of a force majeure event.
8According to service providers, the conditions were one sided, wherein only ONGC was provided the right to terminate the contract.
8There were other issues as well, including compensation to be paid when a force majeure is invoked.
8To ONGC's credit, it is going out of the way to mitigate issues raised by the service providers, thereby indicating that the E&P major, under pressure to deliver higher output, is walking the extra mile to make things work
Click on Details to find out what ONGC is willing to do

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