ONGC plans to invest Rs 13,000 cr in offshore

Mumbai, Dec 8: Oil and Natural Gas Corporation (ONGC) is planning to invest Rs 13,000 crore in 12 projects in three years in the western offshore fields.

Through the re-dovelopment of these projects, by 2030, an additional 10.6 million tonnes of crude oil and 2.265 billion cubic metres of natural gas will be available, company sources said.

The Western offshore fields consist of Mumbai High, Neelam and Heera Vasai and Satelite fields.

ONGC has multibillion dollar infrastructure offshore consisting of platforms, rigs, pipelines among other things. The offshore logistic provides support through Marine Logistic, Air Logistic, Inspection and Marine repair and pipeline division with an operating budget of USD 350 million.

Officials said the company would create new oil-processing platforms, oil well platforms and increase oil recovery from operational platforms in the forthcoming projects.

Mumbai-high, operational from 1974, is now an aging platform and the oil recovery from the field is reducing. Therefore, more money is needed to redevelop the projects, officials said.

The company's aims to increase oil recovery from 28 per cent to 40 per cent by 2020, officials added.

So far, the company has been awarded 30 projects in the last five years valued at Rs 18,500 cr.

UNI