PGS GETS LETTER OF INTENT FOR UMRAT
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.