ONGC’s $1.7 billion contract to a consortium of BGHE (Baker Hughes, a GE company), McDermott International and LTHE (L&T Hydrocarbon Engineering) for block KG-DWN-98/2 off the Andhra coast, is ONGC’s single largest ever contract with a potential to lift the global oilfield services industry, reports TOI.
The block which reportedly has the ability to reduce India’s import dependence for oil and gas by almost 10 per cent, will see crucial underwater kits being fabricated. India imports 45 per cent of its gas requirement, and 82 per cent of oil needs currently.
Under the clauses of the contract, BHGE and LTHE are expected to fabricate ‘manifolds’ jointly. These structures, which are laid on the seabed for channelising oil and gas from different wells into a single stream, are to be manufactured locally, a first for India. Read More
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