L&T Technology acquires USD 20 million contract from ExxonMobil
Category: #world  By Saipriya Iyer  Date: 2018-04-09
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L&T Technology acquires USD 20 million contract from ExxonMobil

L&T Technology Services (LTTS), an engineering, research, & design division of Larsen & Toubro, has reportedly declared that it has been awarded a digitization contract by ExxonMobil Exploration firm, a subsidiary of ExxonMobil providing oil & gas exploration services to its customers. As per the agreement signed by both the parties, the contract is estimated at over USD 20 million during the first year.

The engineering division of L&T is of the view that its services will facilitate the complete transformation of historical Geoscience content into a digital setup, thereby supporting its revival. The move is likely to support the research work of geoscientists with easy availability of enhanced data and access to high speed.

LTTS is expected to collaborate with Larsen & Toubro Infotech to help geoscientists in increasing the proficiency of their data analysis & evaluation. The agreement is likely to establish & ensure LTTS’s position as a leader among the best engineering, research & development service providers in the country.  Dr. Keshab Panda, CEO of L&T Technology Services Limited, states that through the integration of the LTTS’s Hydrocarbon culture, good understanding of Geospatial domain concepts, and its expertise in the digital engineering activities, the firm is remarkably positioned to assist ExxonMobil in carrying out its oil & gas exploration as well as production activities more effectively. 

He further added that solutions offered by LTTS will help geoscientists improve insights & knowledge regarding subsurface data, thereby resulting in the optimization of asset utility, minimization of time in preparing data and a reduction in the overall ownership costs. The acquisition of the contract by an Indian firm is likely to promote Geospatial research in the country along with industry-academia collaboration.

With the announcement of new contract gained by L&T Technology Services from ExxonMobil Corporation, the shares of L&T Technology Services Limited went up by 4% to Rs 1,270 on the BSE (Bombay Stock Exchange).



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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