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ONGC Pumping In Rs 22,500 Crore In Redevelopment Projects
Oil and Natural Gas Corporation (ONGC) is investing a sum of Rs 22,500 crore in redevelopment projects. These new projects will add capacity of 16.7 million tonnes of oil and 56 billion cubic metres of gas, said DK Sarraf, chairman and managing director, ONGC.
“(In 2014) we launched Mumbai High North Redevelopment Phase-III, Mumbai High South Redevelopment Phase-III, integrated development of the Bassein, Mukta and Panna formations and Daman development. These are very important projects for us and a lot of hope rides on their success. They will also serve as a litmus test for our project management skill to implement the projects without time and cost over-run and safely,” he said.
The output of gas from the KG-DWN-98/2 (NDA) field in the eastern offshore is likely to start in the next 2-3 years.
He informed that 16 new sources of gas were discovered in FY2014-15. “Therefore, the reserve replacement ratio is again expected to be in excess of one for a 10th consecutive year,” he added.
ONGC Videsh, the foreign arm of the country’s multinational oil and gas company, had struck a deal for a gas field in Azerbaijan and also acquired a 16% stake in the Rovuma offshore Area-I in Mozambique. These led to a jump in its production by 15%.