Bombay High will see a third phase of redevelopment to coax it into yielding oil beyond 2030. ONGC has hired the global consultancy Gaffney Cline Associates to come up with a redevelopment plan for the oilfield which has been in production since 1976.
ENI and BG have evinced interest for partnership with ONGC for working in KG basin
For the first time, OIL has been selected as provisional operator for offshore block. The firm is seeking to partner with overseas explorers for technology transfer to develop offshore assets.
This is the highest ever production achieved by OVL.Financial Chronicle on March 2 reported that OVL was aiming at drilling 8.87-9 MMTOE in 2010-11. Till January 2011, it had drilled 7.87 MMTOE.
“ONGC included UGC initiative in its eleventh plan. A MEL was sought for coal blocks in Bhestan basin near Surat three years back after completing initial surveys. However, coal ministry has not given any approval till now,” said an official at ONGC.
The company touched peak output of 80,000 barrels of oil per day (bpd) from BC-10 asset in Brazil, that has an acreage of 600 sq km. At present, 61,000-62,000 bpd is drilled every day. OVL’s share of oil production was 0.192 mt during 2009-10 against a target of 0.103 mt from BC-10.
Sharing of royalty has been a bone of contention between the ministry and Cairn Energy. If CCEA clears the proposal, Cairn will have to fork out Rs 12,600 crore as royalty over the lifetime of Barmer oil field.
Oil and gas blocks auctioned under Nelp regime have clearly outlined procedures for farming in and farming out of stakes, said RS Sharma, former chairman and managing director of ONGC.
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