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HPCL awarded ONGC contract

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Press Trust Of India New Delhi
Last Updated : Feb 06 2013 | 5:51 AM IST
Hindustan Petroleum Corp Ltd and its partners have been awarded a contract for the development of fields off Mumbai (known as Cluster 7) by the Oil and Natural Gas Corp (ONGC). The partners in the consortium are M3nergy Berhad of Malaysia, Prize Petroleum Company Ltd and HPCL.
 
"Prize Petroleum will be the joint operator with M3nergy for the three-year initial development phase," an official said.
 
HPCL holds 60 per cent interest in the consortium that would develop Cluster 7 fields, holding 38 million barrels of recoverable oil and with a producing life of 12-15 years, of which 10 years would see "peak production". Prize has 10 per cent stake and M3nergy the remaining 30 per cent.
 
M3nergy would be the executor of the project. Prize Petroleum is an upstream company, promoted by HPCL along with ICICI Venture Capital Ltd and HDFC Ltd to carry out exploration and production of oil and gas.

 
 

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First Published: Sep 28 2006 | 12:00 AM IST

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