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Pushed by the faster clearances of oil and gas blocks by state-run ONGC Ltd has struck three major oil and gas discoveries KG deep offshore and Kutch shallow offshore basins.
In a meeting today, the company’s board cleared investment proposals worth over Rs 2,000 crore for various projects. The discoveries are at NELP blocks KG-DWN-2005/1 and KG-DWN-98/2 in KG deep offshore basin and GK-28 PML of Kutch shallow offshore in Western offshore basin.
Meanwhile, ONGC Board approved the construction of a well stimulation vessel. The estimated total cost of acquiring the latest-technology vessel is Rs 1384 crore ($ 250 million).
“The stimulation vessel would improve well productivity in three ONGC Offshore Assets and Basins. The vessel would have some advanced features like 150 Ton capacity knuckle boom heave compensated Crane, which is not available in any stimulation vessel in the world,” the company said in a statement.
Another major project cleared was an investment worth Rs 284.82 crore for the development of three shallow-water wells — GS15-9, GS15-E1 and GS48-1 —in Eastern offshore. The project, based on a new technology, is expected to be completed by 30th April 2014. The expected gross production here is 1,702.290 MMSCM.
The company is also planning to come up with a pan-ONGC access control surveillance system with an investment of about Rs 407. 5 crore. The project would provide access control and video surveillance for all critical assets and infrastructure of ONGC, including the cyber/IT framework and system of ONGC, connecting 72 office locations and 239 operational installations.
