ONGC has established a dedicated business unit 'Eastern Offshore Asset' to
expedite its east coast oil and gas discoveries.
The company is looking at an initial investment of $1 billion (approx Rs
4,808 crore) on appraisal of oil and gas discoveries in the area and targeting
June 2010 to begin production.
According to company sources, Eastern Offshore Asset has been put in place
for fast track monetisation of East Coast discoveries through an integrated East
Coast hub. The oil discoveries in G-4-6, GS-29-1 and G-4-5, part of discoveries
in KG-DWN-98/2, and in the Petroleum Exploration License Block IG are likely to
be developed through this integrated hub.
The company's crude oil production is likely to go up to 29 million tonne by
2012-13 from the current production of 25.4 million tonne (2008-09). Natural gas
production is expected to be 72 mmscmd by 2012-13 and envisaged to be 100 mmscmd
by 2015-16 from the current production level of about 62 mmscmd.
Also See:
ONGC to invest
in two western offshore fields (29-Aug-09)