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ONGC frames strategy to increase oil and gas output

Oil and Natural Gas Corporation (ONGC) is eyeing at production enhancement contracts (PECs) and enhanced oil recovery techniques to boost oil and gas output from old and matured fields. The company plans to bring in service providers with advanced technology in operation of its oil and gas fields by offering them a PEC where they would get a pre-determined fee for incremental production over a baseline.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

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