ONGC to invest Rs 7300 crore to develop five projects
Most of this investment would go into developing the R-Series fields, off India's west coast, that can produce 8.39 million tonnes of oil and 1.696 BCM of gas.
By ET Bureau | Updated:
NEW DELHI: Oil and Natural Gas Corp ( ONGC) plans to invest Rs.7,300 crore for developing five projects, including Rs. 4,100 crore for Ratna-R Series fields that were restored to the state firm last year after a long-drawn dispute.
The government had awarded the contract for development of Ratna and R-Series fields, located off the western coast, in 1996 to a private sector consortium led by Essar but the contract couldn’t be concluded for years, prompting the government to give it back to ONGC, which had initially discovered the field.
ONGC expects these fields to begin producing by 2018-19 and touch a peak of 14,583 barrels of oil per day a year later. A cumulative production of 8.4 million metric tonnes of oil and 1.7 billion cubic meters of gas is expected during the project life.
The project includes drilling and completion of 31 wells, installation of five new well platforms and revival of one platform. The oil and gas will be evacuated through existing Heera Process Complex. The project is expected to be completed by May 2021.
The board of ONGC has approved an investment of Rs.1,162 crore for redeveloping Santhal field in North Gujarat.
The government had awarded the contract for development of Ratna and R-Series fields, located off the western coast, in 1996 to a private sector consortium led by Essar but the contract couldn’t be concluded for years, prompting the government to give it back to ONGC, which had initially discovered the field.
ONGC expects these fields to begin producing by 2018-19 and touch a peak of 14,583 barrels of oil per day a year later. A cumulative production of 8.4 million metric tonnes of oil and 1.7 billion cubic meters of gas is expected during the project life.
The project includes drilling and completion of 31 wells, installation of five new well platforms and revival of one platform. The oil and gas will be evacuated through existing Heera Process Complex. The project is expected to be completed by May 2021.
The board of ONGC has approved an investment of Rs.1,162 crore for redeveloping Santhal field in North Gujarat.
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