The 'Heads of Agreement' (HOA) document was signed at Mumbai on May 9, 2006 by Mr. Subir Raha, C&MD, ONGC and Mr. Andy Lane, COO, Halliburton, as an extension of the MoU concluded earlier between the two majors on January 18, 2005.
The areas of cooperation identified in the agreement are:
ONGC has embarked on a major revamp of its facilities in Assam, at a total investment of over Rs. 2500 Crore rupees. This agreement with Halliburton would facilitate deployment of latest E&P techniques in the aging fields in Assam.
Mr. Andy Lane, COO, Halliburton mentioned that this was indeed a great step forward for them to bring in their expertise and share a common goal with ONGC. He remarked that though Halliburton, at present is not as big as it wants to be in India, but they are having expansion plans in India. Setting up of a R&D facility in Pune is on the cards apart from recruiting engineers from India to meet the business challenges in India.
Congratulating the Halliburton Team for their proactive approach and willingness to work in a logistically difficult terrain like Assam, ONGC's C&MD Mr. Raha said that their collaboration in GEOPIC would bring in fair and challenging competition among the geo-scientists of both the organizations. "It is indeed a wise and right decision for Halliburton to expand its operations in India at a time when the East Coast is expanding much faster and in a complex manner having both shallow and deep waters", said Mr. Raha.
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