ONGC plans Rs9000 crore boost for Bombay High output
13 May 2009
State-run Oil and Natural Gas Corporation (ONGC) will invest about Rs 9,000 crore over the next three to four years to enhance oil and gas output as part of phase II redevelopment of its Mumbai High field on India's Western Offshore.
"Phase II redevelopment of Mumbai High is going on. About Rs 9,000 crore will be pumped into it over the next three-four years. It is a long-term programme," ONGC director (offshore) Sudhir Vasudeva told reporters on the sidelines of a conference in Mumbai.
The board of directors of ONGC has approved the phase II redevelopment of Mumbai High South and Mumbai High North.
ONGC had injected Rs 8,000 crore in phase I redevelopment of two-decade old Mumbai High field to raise declining output, Vasudeva said.
Mumbai High had reached its peak output level in 1989 with 20 mmtpa production and there is no way one can go back to peak levels, he said.
Mumbai High and its adjoining fields normally produce 12.8 million standard cubic metres of gas per day (mmscmd).
By fiscal 2040, ONGC aims to improve recovery of existing in-place oil and gas reserves in Mumbai High by 40 per cent. The explorer currently has in-place reserves of 1,659 million tonnes, Vasudeva said. "Plans are already on the drawing board to take ultimate recovery to 40 per cent (adding another 663.6 million tonnes)," he said.
(Also see: ONGC plans Rs6,000 crore capex to raise gas output)