Business Daily from THE HINDU group of publications Wednesday, Feb 14, 2007 ePaper |
|
|
|
|
|
|
|
Corporate
-
Outlook Industry & Economy - Petroleum
Richa Mishra
The sidetracks USR DH are drilled in the existing wells, he explained. By the end of this financial year (March 31) the company hopes to complete drilling two-three wells in Mehsana. The work at Mehsana has already been kicked off and results could be expected in the next 10 days. Drilling in the Assam assets of the company is expected to begin in March, he said. For enhanced and improved recovery in the Assam and Mehsana fields, the company has tied up with the US-based company Well Flow Drilling Services. ONGC has 96 marginal fields (onshore and offshore) 42 onshore and 54 offshore. The onshore assets produce 8.1-8.2 million tonnes of oil per annum and nearly 5.6 billion cubic metre of gas. As regards the status of the tenders floated for service contracts for its onshore marginal fields, the official said, technical evaluation is going on and the company is hopeful of completing the entire process soon. To cash in on the volatile crude market and the rising demand for oil and gas, ONGC had floated tenders for 17 onshore fields, of which bids were received for 14 fields. Eight companies, including BPCL, Shiv Vani, Deep Industries and Assam Company, have participated in the tender for 14 onland marginal fields. ONGC had put on offer 18 marginal fields in Assam, Rajasthan, Andhra Pradesh and Tamil Nadu for development on service contract basis, wherein the winner would not get ownership of oil and gas and would only be entitled to a pre-fixed rate of return. However, it withdrew one field, leaving 17 fields on offer. These fields, with proven reserves, would be given on service contracts only, the official said. These fields have been discovered, but not monetised, i.e., the discovered fields have not been exploited, he added.
More Stories on : Outlook | Petroleum | Oil & Natural Gas Corporation Ltd
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, 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
|