The Oil and Natural Gas Corporation (ONGC) is considering production enhancement contracts (PECs) and enhanced oil recovery (EOR) techniques to boost production from its matured oil and gas fields which are currently facing a natural decline. ONGC plans to hire service providers with advanced technology to operate these old oil and gas fields. This will be done by offering them a PEC where they will get a predetermined fee for incremental production over a baseline. Field operators will be selected through a competitive bidding process where those offering higher growth in output would be chosen.
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