ONGC awards contracts for 14 marginal fields

By Staff
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Google Oneindia News

New Delhi, Apr 5 (UNI) State-owned Oil and Natural Gas Corporation (ONGC) today said it has entered into service contracts for development of 14 onshore marginal fields with five companies.

The exploration giant has entered into service contracts with Hydrocarbon Resources Development, Deep Industries Ltd, B G Shirke Construction Technology, KEI RSOS Maritime Ltd and Shiv Vani Oil&Gas Exploration, a company statement said.

Hydrocarbon Resources Development has been offered service contract for development of Bantumilli field in KG Basin while Deep Industries for development of Ghotaru, Kharatar and Bankia fields in Western Onshore Basin.

B G Shirke Construction Technology for Manepalli field in KG Basin, KEI RSOS Maritime Ltd for development of Mulikipalli, Sirikattapalli, Chintanapalli, Magatapalli and Medapadu fields in KG Basin, Vadatheru, Neyveli and Karaikal fields in Cauvery Basin.

Shiv Vani Oil&Gas Exploration has been assigned development of Charaideo field in Assam and Assam Arakan (A&AA) Basin.

Development of marginal fields is one of the strategic business pursuits of ONGC, for increasing production by unlocking small pools of discovered hydrocarbon reserves.

Out of the total 165 new and marginal fields, 44 fields have been monetised, about 90 fields are in the process of monetisation and is being put on production.

By this process, ONGC has initiated action to put about 96 per cent reserves of marginal fields on production during the XIth plan period. This is expected to give additional production of about 30 MMT of O+OEG in XIth plan period.

In the first phase, a total of eight onshore marginal fields were put on development through awarding of contracts to three companies in 2004.

UNI

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