Oil and Natural Gas Corporation (ONGC) said that the offshore drilling Rig of the company - 'Sagar Samrat' - has been commissioned as a mobile offshore production unit (MOPU) on 23 December 2022.
Sagar Samrat MOPU will handle up to 20,000 barrels per day of crude oil, with a maximum export gas capacity of 2.36 million cubic meters per day and is expected to add 6000 barrels per day of oil to ONGC's production in the coming days. The first oil from WO-16 cluster flowed into the processing system of MOPU and dispatch to onshore terminal commenced.
WO-16 is a cluster of four marginal fields in the Arabian Sea at a water depth of 75-80 m and 130 km from Mumbai which is about 40 km from the Mumbai High. Since, no nearby facility exists to produce from this field, it was planned to install a MOPU for production, processing and transportation of oil and gas from WO-16 Cluster.
ONGC further stated that the project to convert Jack-up rig Sagar Samrat into a MOPU was awarded to a consortium of Mercator Oil & Gas Ltd, Mercator Offshore (P) Ltd and Gulf Piping Company (GPC) on 17 November 2011.
After several hurdles like the legal challenges and Covid-19, the MOPU was transported to India, on a Heavy Lift Vessel and post statutory clearances, successfully installed close to the WO-16 wellhead platform on 16 April 2022.
"The Sagar Samrat conversion project is one of the most complex projects executed by ONGC, the company said in a statement.
Sagar Samrat is a jack-up drilling rig built in 1973 and has, since then, been a mascot for ONGC. The rig was instrumental in the discovery of the biggest oil field in India viz., the Mumbai High in 1974 bringing fortunes to the company and transforming oil map of India. Over the years the rig drilled over 125 wells and has been involved with 14 key offshore oil and gas discoveries.
After serving its life as a jack-up rig, it was decided to convert it into a MOPU for producing from the WO-16 cluster. Later, this will be shifted to other location for monetization of other discoveries, the company added.
Maharatna ONGC is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of September 2022.
ONGC's standalone net profit dropped 30.09% to Rs 12,825.99 crore in Q2 FY23 as against Rs 18,347.73 crore in Q2 FY22. Revenue from operations surged 57.53% to Rs 38,320.76 crore in Q2 September 2022 from Rs 24,353.61 crore recorded in the corresponding quarter previous year.
The scrip fell 1.46% to currently trade at Rs 148.20 on the BSE while the S&P BSE Oil & Gas index shed 0.33% to 20,403.68.
Meanwhile, the S&P BSE Sensex was down 35.29 points or 0.06% to 61,132.50.
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