Premier Oil and ONGC to sign co-operation MoU

Vol 7, PW 18 (19 Nov 03) News in Brief

ONGC has agreed to sign a technical co-operation agreement with Premier Oil.

When signed, the MoU will be valid for two years with an option for renewal. ONGC has prepared a draft of the MoU with the following areas of mutual co-operation: Intellectual knowledge sharing in seismic data acquisition and processing Integrated interpretation (laboratory studies, modelling, etc) of geoscientific data Knowledge sharing in the field of exploratory drilling in fold belt areas Utilisation of some of ONGC facilities like explosive magazine, seismic crews and survey/processing centres Swapping equity in bid blocks in north eastern IndiaIn February, Premier wrote to ONGC explaining how both companies could work together.

Premier Oil would be very interested in extending technical co-operation with ONGC in north east India, writes Premier. We believe the strengths of the two companies could be combined for mutual benefit.

Premier offers to associate ONGC specialists in the laboratory analysis (in Britain) of rock samples collected from its two blocks in Assam. Premier tells ONGC that it hopes to drill two exploration wells next year and, would be interested in exploring the option of using an ONGC rig if available.

ONGCs board approved the proposal last month.