PEC not intended at privatization or sale of oil fields: ONGC

PEC not intended at privatization or sale of oil fields: ONGC
A CORRESPONDENT

GAURISAGAR,: A meeting was held with Toila Khetra Suraksha and Vikash Mancha, INTUC, UCWUA, BAYM, SNS, ACKS, Youth Congress, AGSF, ACMS, TAYPA, CPI and other organizations of the region at the office of the SDO (Civil), Nazira recently. The meeting was chaired by SDO (Civil), Nazira on PEC (Production Enhancement Contract), which is being introduced in ONGC. During the meeting, ONGC explained the concept and salient features of Production Enhancement Contract (PEC), its key advantages and its far-reaching objectives. It was made clear during the meeting that the Contract is only an integrated service contract to boost production from the matured fields and was not intended at privatization or sale of any oil fields. The key feature of the PEC is that the service providers will bring comprehensive technologies to improve production at their cost whereas the ownership of the fields will remain with the ONGC.

PEC is an effort to boost production from the matured oil fields as a strategic way forward to realize the Hydrocarbon Vision 2030 for North East India, as envisaged by the Government of India and to realize Prime Minister’s vision of 10 percent import reduction in the energy sector by 2022.

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