ONGC to invest Rs 2,300 cr in offshore fields | india | Hindustan Times
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ONGC to invest Rs 2,300 cr in offshore fields

The state-run behemoth will re-develop its ageing Heera and South Heera fields at Mumbai Offshore in the Arabian Sea.

india Updated: Sep 07, 2006 20:09 IST
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State-run Oil and Natural Gas Corp (ONGC) on Thursday approved an investment of Rs 2,300 crore for re-development of its ageing Heera and South Heera fields at Mumbai Offshore in the Arabian Sea.

The re-development will enhance production with improved recovery and redistribution of water injection, pattern for pattern sweep and pressure maintenance.

The project includes development of a marginal field B-134 A through Heera facilities, which would not have become viable for exploitation on stand-alone basis.

ONGC, recently received approvals from regulator Directorate General of Hydrocarbons, for redeveloping its Heera oilfield.

The project envisages installation of four new well platforms, 72 km of sub-sea pipelines, drilling of 28 wells through new platforms and 6 wells from clamp-on in addition to side tracking of 56 wells.

The expenditure on side tracking of wells is estimated to be Rs 700 crore. The estimated incremental gain is estimated at 10.685 million metric tonnes (MMT) of crude oil and 2.265 billion cubic metres (BCM) of natural gas by 2030.

ONGC's output has stagnated at about 520,000 barrels per day in recent years and fell to 490,000 barrels per day in the full year to March 2006, after an accident destroyed an offshore oil platform in July 2005.

ONGC recently said it plans to spend Rs 60,000 crore during 2007-12 to raise its total production to 140 million tonnes.

The flagship explorer has often been criticised for not doing enough to increase oil production and instead diversifying into refining, petrochemicals and power.