Industry & Economy
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Petroleum
ONGC plans to push Mumbai High oil production
Our Bureau
Kolkata. Feb. 1
,
THE state-run ONGC is planning to push Mumbai High oil production to 3,00,000 barrels per day by June 2006. This is higher than 2,75,000 bpd oil production recorded from the field till fire struck the Mumbai High North platform in July, 2005.
According to company sources, during last four months ONGC has made substantial progress in restoring oil production from India's largest oil and gas field. Oil production, which had plummeted at 1,40,000 bpd just after the fire and later stabilised at 1,90,000 bpd is currently approaching 2,40,000 bpd. ONGC recorded a production high of 2,15,000 bpd from Mumbai High in December-January.
"Reconstruction at Mumbai High North platform, roughly 150 kms away from the Mumbai coast, had progressed at a very fast pace in last few months irrespective of one of the coldest winters," a company official said. ONGC is targeting 2,75,000 bpd production in March-April.
Company sources say production performance of Mumbai High has a direct bearing on the prospects of higher profits in fourth quarter and next year. The company had failed to make the most of the high crude prices in second and third quarter because of the substantial loss in production at Mumbai High.
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