ONGC gets cracking at Panna-Mukta field, saves Rs 1 cr in shipping costs

Sources in the know said the company will lay a small undersea pipeline soon to completely do away with the requirement of hiring ships for transporting oil to land.

State-owned Oil and Natural Gas Corp (ONGC) has begun an exercise to shed excess cost at the Mumbai offshore oil and gas fields of Panna-Mukta, whose control it regained after two and half decades and has already saved Rs 1 crore in the shipping cost.
 
ONGC has changed the contract for bringing oil produced from the fields lying in the Arabian Sea to land, resulting in saving of about $5,000 per day, sources with direct knowledge of the development said.
 
It is expecting an upside in production too after a re-appraisal.
 
Sources in the know said the