ONGC is planning to invest around Rs.9,000 crore in Phase II of the re-development of Bombay High.

This is in addition to the Rs.3,000 crore that the company is investing on replacing the process platform in Bombay High North that was destroyed in a major fire in 2005. The new platform is expected to be installed by the end-2006.

The plan, expected to be launched in 2007, will restrict the declining production from the field by increasing the recoverable reserves to 41 per cent from the present 31 per cent and includes the development of 17 new wells and two new process platforms.

ONGC will lay emphasis on layerwise exploration of hydrocarbons to enhance oil recovery to the tune of 35 per cent from the 32 per cent envisaged for the Phase I of the re-development plan. Under the first phase of the plan, in between 2000 and 2007, the company plans to invest about Rs.8,300 crore in drilling 210 new wells and installing 10 new platforms and two process platforms. A fourth of the production from the field comes from the new wells.

ONGC is also planning to invest close to Rs.10,000 crore in developing the 29 marginal fields in the Mumbai High and Bassein area. These fields are expected to produce 12-15 mmscmd of natural gas and close to six million tpa of oil by 2012.

Also See:

L&T completes ONGC platform project (14-Mar-06)