ONGC gets board nod for Rs 7,327 cr investment in 5 fields

By: | Published: February 24, 2017 5:54 AM

The board of state-owned Oil and Natural Gas Corp (ONGC) on Thursday approved investments worth R7,327 crore to develop five hydrocarbon fields and notified two new discoveries.

The fresh investment in the fields are likely to see 14.969 million tonne (mt) of oil and 2.972 billion cubic metre of gas, the company said in a statement.

The board of state-owned Oil and Natural Gas Corp (ONGC) on Thursday approved investments worth R7,327 crore to develop five hydrocarbon fields and notified two new discoveries. The fresh investment in the fields are likely to see 14.969 million tonne (mt) of oil and 2.972 billion cubic metre of gas, the company said in a statement. The investments will go in developing or redeveloping R-Series (including revival of R-12 or Ratna), Santhal, B-147 and BSE-11 Block fields, and the fourth-phase development of NBP field.

The highest investment, R4,104 crore, has been allocated for the Ratna field, which has been languishing for long as a private consortium that took the fields could not monetise the field. In March 2016, the government reverted the Ratna and R-Series fields to ONGC for development and production. The field is expected to start production by 2018-19, with a peak production rate of 14,583 barrels per day expected to be achieved in 2019-20. The cumulative production during the life of the field is expected to be 8.39 mt of oil and 1.696 billion cubic metre of gas.

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The new prospect discoveries are in Akholjuni block in Gujarat’s Cambay Basin and Nambar ML Block in Golaghat in Assam. Including these two, ONGC has notified 18 discoveries (nine new prospects and nine new pools) so far in the current financial year.

ONGC’s oil production for January 2017 was 1,916.25 thousand tonne against a target of 2,018.57 thousand tonne, and gas production was 1,922.15 mmscm against a target of 2,040.44 mmscm.

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