PSU NEWS
ONGC to pump in Rs7327 crore to increase output in five projects
New Delhi.Public Sector Undertaking, Oil and Natural Gas Corporation (ONGC) board approved the development of five projects with an investment of ? 7,327 crore at its 290th meeting. According to a press statement, the investment will lead to a production of 14.969 MMT of Oil and 2.972 BCM of Gas.
The board approved ? 4,104.63 crore for the development of R-Series Fields, including revival of R-12 (Ratna), ? 1,162.56 crore for the redevelopment of Santhal Field, ? 546.15 crore for the development of B-147 Field, ? 511.30 crore for the development of BSE-11 Block and ? 1,002.67 crore for the 4th Phase Development of the NBP Field.
ONGC has notified two discoveries since January 31 this year. One new prospect discovery, AK-29(AKAP) in Akholjuni PML Block is in Gujarat, Cambay Basin. ONGC said that this discovery has opened up a new area for exploration in South of Akholjuni field. The other new pool discovery, KH-38_Z(KHBB_Z) is in Nambar ML Block in Golaghat District, Assam, A&AA Basin. ONGC said that the success in this well has helped in establishing the Sylhet prospectively in west Khoraghat sector of South Assam Shelf and will open new areas for Sylhet.
With these discoveries, ONGC has notified 18 discoveries till now in financial year 2016-2017. The board was also informed that ONGC has settled the Gujarat and Assam Royalty Issue. The company board also approved the execution of a Farm-in/Farm-out agreement with Gujarat State Petroleum Corporation.
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