Flagship explorer Oil and Natural Gas Corporation (ONGC) is on the lookout for JV with shipping companies to manage offshore support operations as its talks with state-owned SCI has hit choppy waters.
Public Sector Company ONGC has been discussing the formation of a joint venture, proposed to be christened ONShip, with Shipping Corporation of India for forming a joint venture to help it outsource peripheral support services that require operating various kinds of vessels for its operations. Sources say that differences remain on the valuation issue.
At present, ONGC, which is India’s largest company, owns about 30 vessels and contracts nearly two dozen others from private operators to keep its offshore oil pumping installations supplied with required manpower and material. The joint venture with a shipping company is aimed at bringing in better operational efficiency, safety and cost-effectiveness.
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