PGS GETS LETTER OF INTENT FOR UMRAT

Vol 3, PW 4 (17 Mar 99) News in Brief
     

Petrowatch learns that ONGC issued a Letter of Intent (LOI) for a 3D seismic survey of the Umrat prospect on the Bombay Offshore to PGS Reservoir on 3 March 1998.

The contract value is believed to be between $28-30m. An original bid of $31m by PGS was rejected by ONGC which responded with a counter-bid of $27m.

In addition to PGS, bids for the Umrat job also came from Schlumberger and Western Geophysical.