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| ONGC to invest Rs 8,554 cr in western offshore fields by 2012 |
| Press Trust of India / New Delhi Aug 28, 2009, 17:19 IST |
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Oil and Natural Gas Corporation (ONGC) will invest Rs 8,554 crore in producing crude oil from two cluster of marginal fields in the western offshore by 2012.
The board of the state-run firm today approved developing B-22 cluster and B-193 cluster at an estimated cost of Rs 8,554.26 crore with foreign exchange component of $1.697 billion, a company release here said.
"The idea of combining two projects by way of offloading the process requirement and related facilities, erstwhile considered to be taken up separately, would amount to a savings of about $133 million," it said.
The investment would help produce 10 million tonnes of oil and 11.5 billion cubic metres of gas over a 15 year period. "While the gas production will commence by 2011, oil production is to begin by 2012."
The board also approved procurement of second generation stimulation vessel equipped with state-of-the-art technology for Mumbai offshore at an estimated cost of Rs 764.1 crore.
"The new stimulation vessel will increase the productivity of oil and gas wells by removing the drilling induced damage, increasing the effective well bore radius and changing the flow regime into the well bore," ONGC said.
At present, well stimulation jobs are done by Samudra Nidhi, the only stimulation vessel owned by ONGC. The new vessel will not only augment the stimulation jobs but will gradually replace Samudra Nidhi.
ONGC said the stimulation vessel would be procured through Lump Sum Turnkey (LSTK) contract.
The western offshore B-22 cluster comprises of B-22, BS- 12, BS-13 and B-149 marginal fields and B-193 cluster is made up of B-193, B-172, B-178, B-179, B-180, B-28A, B-23A and B-28 fields.
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