ONGC plans to prop up sagging Mumbai High production

New Delhi, July 2 (UNI) To stop the downslide of production level from Mumbai High oilfields, state-owned PSU Oil and Natural Gas Corporation (ONGC) is gearing up to inject about Rs 11,000 crore in the second phase of its redevelopment plan.

After the second phase of redevelopment programme, upstream major expects the production level of the Mumbai High South would touch 33.85 million tonnes of oil and 10.26 bcm of gas by 2030.

ONGC investment plan envisages Rs 6,500 crore to be pumped into in Mumbai High South redevelopment to produce an additional 20 million tonnes of oil from 2010 to 2030, while the remaining money will be put into Mumbai High North to give additional 15 million tonnes over the said period, sources said today.

The second phase of investment would raise the recovery factor from 28 per cent to 34-35 per cent, they said.

Tenders are expected to be floated in next few months for the second phase of redevelopments.

Earlier, ONGC invested Rs 3,239 crore in redevelopment of Mumbai High North and Rs 6,579 crore was put in Mumbai High South.

The ageing Mumbai High, the country's largest oil field, has been producing oil for the last 25 years.

UNI