India’s ONGC faces scrutiny
India 
NEW DELHI, March 8, 2017 – Indian multinational ONGC is under pressure to exit poorly performing assets, with government authorities directing the company towards production enhancement contracts (PECs), local media reported on Wednesday.
Speaking on the condition of anonymity, a government official told The Financial Express that the country’s Directorate General of Hydrocarbons might put selected ONGC fields under PECs.
“If for any field, it [ONGC] cannot increase yield, it should relinquish the acreage,” the official was quoted as saying.
According to the ONGC’s 2006-2007 Annual Report, the company produced 561,096 bopd. Figures from its 2015-2016 overview reveal that output had slumped to 520,731 bopd.
Gas production over the same period fell from 24.88 bcm (878.5 bcf) per year to 22.53 bcm (795.5 bcf) in financial year 2016.
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