Given that ONGC's largest-ever find, Bombay High has reserves or oil-in-place (OIP) of 1,600 million tonnes, a 10 per cent hike in the recovery rate would mean that an additional 160 million tonnes could be extracted from the field during its remaining life. As a pilot project before the massive investment, ONGC will set up an oil platform in the region at an estimated Rs 300 crore. "The new platform, called the ZA platform, will use new cost-effective equipment. The board will take a decision on the project next month," said Bora.

Admitting that Bombay high, the 25-year-old oilfields with a total capacity of about 1640 million tonne oil reserves, had some "mid-life problems", Bora said the corporation will adopt a multi-disciplinary approach, use vast geological data and three-dimensional surveys to give a facelift to the oilfields. "A feasibility report on the most cost-effective plan is being prepared by ONGC with assistance from global consultants Geffney Cline and Associates (GCA). GAC is expected to submit its recommendations by April-May 2000 following which it will be put before the board for approval," he said. Post-investment, ONGC is looking at an increase in the IRR from 16 per cent to 20 per cent, at $16 per barrel.