ONGC fixes Rs. 14,969-cr to exploit oilfield

In an attempt to exploit oil and gas fields across the country, ONGC has recently cleared Rs. 14,969-cr for the development of multiple projects in oil and gas fields. Initially it will invest Rs. 7,327cr, which will lead to a production of 14.969 MMT of Oil and 2.972 BCM of Gas, said official sources, claiming that the board approved Rs. 4,104.63-cr for the development of R-Series Fields, including revival of R-12 (Ratna), Rs. 1,162.56-cr for exploiting Santhal Field, Rs. 546.15-cr for the development of B-147 oil field, Rs. 511.30-cr for the development of BSE-11 Block and Rs. 1,002.67-cr for the 4th Phase Development of the NBP Field. It further added that the country's giant oil and gas explorer has notified two discoveries since January 31 this year. One new prospect discovery, AK-29(AKAP) in Akholjuni PML Block is in Gujarat, Cambay Basin and this discovery has opened up a new area for explorations in South of Akholjuni field. The other new pool discovery, KH-38_Z(KHBB_Z) is in Nambar ML Block in Golaghat District, Assam, A&AA Basin. ONGC said that the success in this well has helped in establishing the Sylhet prospectively in west Khoraghat sector of South Assam Shelf and will open new areas for Sylhet, it claimed.