ONGC to In­vest 7,300 cr in Ratna R-Se­ries Fields, 4 Oth­ers

The Economic Times - - Economy: Macro, Micro & More - Our Bureau

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.