• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Port Info

• Ships in Ports
  
  

Archives

• Yesterday
• Datewise
• Resources

Group Sites

• The Hindu
• Business Line
• The Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Pratim Ranjan Bose

Kolkata , May 23

OIL and Natural Gas Corporation Ltd has finalised a Rs 2,800-crore additional development plan for the Bassein gas field. The company is also planning to pump an additional Rs 2,000 crore into re-developing the existing field. Both projects will be completed in 2007.

Despite a rapid drop in production after being operational for over 20 years, Bassein is now producing 28.2 million standard cubic metre of gas per day (mmscmd), more than half the country's total natural gas production of 53 mmscmd.

According to sources, the company will place its additional development plan for approval before the board of directors at its next meeting. The tender documents are being finalised, and once the board's approval is obtained, the company is expected to take a few months to award the contracts.

ONGC has identified 97 million tonnes of oil and oil equivalent gas in east Bassein. As per the re-development project, the company will set up two platforms and two booster compressors to tap the newly available resources.

Unlike in the existing Bassein field, where the produce is processed at the existing two platforms, the production from the additional field will be carried out onshore through pipelines for processing. The company is also likely to seek a higher price for the production from the additional field.

ONGC expects a substantial jump in its profitability from Bassein after completion of both the projects in 2007.

Currently, ONGC is engaged in a Rs 12,000-crore project to boost production in 15 mature fields. The bulk of the investment, however, is directed towards Mumbai High, which is currently undergoing a Rs 8,200-crore re-development plan. The 30-year-old asset is expected to produce over 3,00,000 barrels of oil per day this year.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Automart to bring out first Blue Book on used cars

Copyright © 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line