ONGC to invest in two western offshore fields

ONGC is expected to pump in Rs 8,554 crore in producing crude oil from B-22 cluster and B-193 of marginal fields in the western offshore by 2012 with foreign exchange component of $1.697 billion (approx Rs 8,315.30 crore).

The investment will help produce 10 million tonne of oil and 11.5 billion cubic mtrs of gas over a 15 year period. While the gas production is likely to commence by 2011, oil production is to begin by 2012.

Meanwhile, the company has made a new discovery in West Tripura PEL Block. Exploratory well Sundalbari-4 flowed gas at the rate of 160,000 cubic mtrs per day. The gas contains up to 96.3 per cent methane.

The ONGC board has also approved the acquisition of a stimulation vessel equipped with modern technologies for Mumbai Offshore at an estimated cost of Rs 764.1 crore.


Source : ProjectsToday

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