New Delhi, Dec 23 (UNI) State-owned Oil and Natural Gas Corporation Ltd (ONGC) Ltd said its board has approved the '2nd Pipeline Replacement Project' in Mumbai Offshore at a cost of Rs 2,553.25 crore, to be implemented over a period of three years.
''There is a need to strengthen the pipeline network for oil and gas transportation,'' company said in a statement.
The board, which met yesterday, also approved the Phase-III development of PY-3 (in Cauvery Offshore) field at a capex of Rs 147.19 crore (35.9 million dollars), which is 40 per cent of the total investment of 89.75 million dollars.
The country's biggest oil producer ONGC holds 40 per cent stake in the field - other stakeholders are HOEC (21 per cent), Tata Petrodyne (21 per cent) and Hardy Exploration&Production (18 per cent).
This Phase-III development of the field will enhance the recovery by 10.52 MMSTB (Million Metric Stock Tank Barrels), the statement said.