ONGC board approves Rs 5,050 crore investment in Tripura

The state-run firm aims to produce 5.1 mmscmd gas from Tripura fields

The board of state-run Oil and Natural Gas Corporation (ONGC) has approved an investment of Rs 5,050 crore in Tripura for drilling of wells and creation of surface facilities to produce 5.1 million metric standard cubic metre per day (mmscmd) gas from the state's fields.

The Ministry of Petroleum & Natural Gas has announced to develop northeast region as a dominant hydrocarbon hub as part of its Hydrocarbon Vision 2030, the statement said.

"In line with this vision, ONGC management has put their first foot forward and approved additional investment of Rs 3,104 crore for drilling of wells and creation of surface facilities to produce 5.1 mmscmd gas from Tripura fields," the press release issued by Tripura Asset of ONGC said.

The board meeting held at New Delhi on February 11, had taken this decision.

"Earlier in 2008, ONGC board had approved for investment of Rs 1,946 crore for the same and total approved investment in Tripura will be Rs 5,050 crore," the release said.

As a result of geological mapping and exploratory efforts, so far 11 gas fields have been discovered by ONGC in Tripura and seven of these fields are in production.

ONGC Tripura Asset is carrying out its drilling activities with three owned rigs under operation and well servicing operations through two work-over rigs.

An additional four to five hired rigs are expected to be under operation in this year which will step up the exploration activities, the statement said.