...gives nod to Rs 7k cr for Mumbai High project

Written by feBureau | Mumbai | Updated: Jan 31 2009, 05:50am hrs
The board of Oil & Natural Gas Corporations (ONGC) has approved Mumbai High North redevelopment project attracting investment worth Rs 7,133.39 crore. The project is scheduled to be completed by September 2012 and expected to yield an incremental crude oil production of 17.354 million metric tonne (mmt) and natural gas of 2.987 billion cubic metric metre (bcm) aggregating to 20.34 million tonne oil by March 2030.

The decision to launch phase II of Mumbai High North re-development project comes after the success of its first phase launched in October 2000 and completed in December 2006.

The project is likely to result in an incremental gain of 23.25 mmt crude and 6.10 bcm gas by 2030 from 73 new wells and 10 side track wells drilled during the first phase of the project. Till March 2008, the cumulative oil production from phase I redevelopment wells has been 9.34 mmt against the planned 8.46 mmt and cumulative gas production has been 2.89 bcm against the estimated 1.97 bcm.

ONGC chairman and managing director RS Sharma said this redevelopment plan would be done on a fast track and it will improve the overall ONGC production. Mumbai High field was discovered in 1974 and production work started in May 1976.

The field is currently producing a little over 12 mmt a year (2,45,000 barrels of oil per day (bopd) and has already produced 24% of the initial-oil-in-place (IOIP) cumulatively.