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Thursday, Dec 02, 2004

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Australian co wins ONGC contract for `digital oil field'

Our Bureau

Mumbai , Dec. 1

THE Oil and Natural Gas Corporation has awarded a $215.35-million contract to Australian company Clough Engineering for developing G1-GS15 fields in the Krishna-Godavari offshore for producing 1 million tonne of low-sulphur crude oil and 6 billion cubic metres natural gas over 15 years.

The development of these two fields will create India's first "Digital Oil and Gas Field", incorporating remotely monitored and controlled `Smart' Wells, a news release said.

Speaking on the occasion, Mr Subir Raha, Chairman and Managing Director, said the ONGC board has approved the investment decision on the understanding that the gas produced will be sold at market rates, as this investment is not viable under the prevailing controlled pricing of natural gas.

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