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State-run Oil and Natural Gas Corporation Limited (ONGC) will take up additional development of its Vasai East Field in Arabian Sea at a total estimated capital cost of Rs 2476.82 Crore.
The project, scheduled to be completed by December 2018, will result in incremental Oil production of 1.83 Million Metric Tonnes (MMT) and incremental Gas production of 1.971 Billion Cubic Metres (BCM) by 2030, the company said in a statement.
The ONGC Board, in its 254 meeting held yesterday, accorded approval to the project. "This project will improve the recovery factor of Vasai East field with infill wells towards north & south side of the field,"the company said.
The oil and gas fields of ONGC on Arabian Sea are over 40 years vintage. ONGC, now recognized as one of the best brownfield managers in the exploration and production world, has increased its recovery factor to over 40% by aggressive redevelopment efforts since 2001.
The ONGC Board, in the same meeting also approved a second interim dividend of Rs 4.25 per equity share. The total payout on account of this second interim dividend would be Rs 3636.08 crore.
The ONGC Board has also taken note of the notification of one discovery at its well NW-B173A-8 in South & East Bassein PML of Western Offshore basin as a new prospect.
This discovery will add to the reserves & production potential of the field B-173A. With this, total new discoveries of ONGC during the year 2013-14 adds to fourteen (14).
