ONGC to Invest 7,300 cr in Ratna R-Series Fields, 4 Others
New Delhi: Oil and Natural Gas Corp (ONGC) plans to invest ₹ 7,300 crore for developing five projects, including ₹ 4,100 crore for Ratna-R Series fields that were restored to the state firm last year after a longdrawn 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 ₹ 1,162 crore for redeveloping Santhal field in North Gujarat. This would result in an incremental crude oil production of 3.4 million tonnes by 2029-30. The board of ONGC has also approved the execution of farm-in / farm-out agreement with GSPC for acquiring the latter’s 80% participative interest and operatorship in the KGOSN-2001/3 block. The two companies have agreed to the terms and conditions to be incorporated in the agreement, ONGC said.