ONGC board approves Rs 5219 cr investment in Daman gas fields

Tags: News
State-owned Oil and Natural Gas Corp (ONGC) today said it will invest Rs 5,219 crore in bringing to production Daman gas fields in the Arabian sea by July 2016.

The board of ONGC at its meeting today approved "investing Rs 5,219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian Sea," the company said in a statement.

The project is located about 90-100 kilometer from Daman coast and includes additional development of C-24 field and monetization of B-12 marginal fields (B-12-11, B-12-13 and B-12-15).

Production is expected by July 2016 with peak output of 8.35 million standard cubic meters per day of gas and 9,286 barrels of condensate per day.

"The cumulative production till 2034-35 is pegged at 27.67 billion cubic meters (BCM) of gas and 5.01 million cubic meters of condensate. The gas and condensate will be evacuated to Hazira," it said.

The project envisages installation of seven well head platforms, one riser platform with associated pipelines and drilling of 28 wells. The project is scheduled for completion by pre-monsoon 2019.

Coming close on the heels of Rs 5,813 crore Mumbai High South Redevelopment project (Phase-3) approved in the last Board meeting earlier this month, this approval flags the oil major's aggressive investment posture to ramp up production from the Western Offshore.

ONGC also said its fire service personnel received Fire Service Medals.

"Two Fire Service officers of ONGC were selected for prestigious Fire Services Medals for meritorious services by the President of India on the occasion of Independence Day 2014," it said adding Chairman D K Sarraf has declared a cash award of Rs 25,000 each for two officers.

On another occasion, Home Minister Rajnath Singh felicitated four officials of ONGC with the Fire Service Medals at a national level function in here on August 20.

EDITORIAL OF THE DAY

  • The talent to make things grow big must be rewarded without a ceiling

    Executive pay has always been a hotly debated topic, mainly because it involves a lot of money.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Roopen Roy

How leaders groom future leaders

As writer Tom Peters said, “Leaders do not create followers, ...

Rajgopal Nidamboor

Pluralistic essence of our being

Our new understanding of the mind through the rapidly expanding ...

Dharmendra Khandal

Have you spotted those wasps, yet?

Wasps are insects that ride on the monsoon winds. I ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture