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.
Also See:
ONGC coal
gasification project to start production in 2010 (21-Aug-09)