• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

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

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

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

Our Bureau

Kolkata April 18 ONGC is hopeful of acquiring the much-needed ultra-deepwater rig for resumption of drilling in the KG-DW-98/2 block in March 2008.

The company has already reported a major find in the block with estimated reserves of 2-14 trillion cubic ft (tcf).

Speaking to newspersons today, Mr B.K. Pande, Director (Exploration), said: "We are hopeful of finding a replacement for Belford Dolphin by March 2008."

ONGC's charter contracts with Belford Dolphin - a deepwater rig capable of drilling in depths of 3,000 m - expired in March 2007. Mr Pande regretted the company's failure to acquire an alternative for Belford in time or extending the contract with the particular rig.

"We were previously offered an opportunity to extend the contract with Belford at a higher rate. However, we failed to assess the situation at that juncture. Unfortunately, the success came at the fag-end of the contract, when the rig was already booked," he added. He said ONGC had so far drilled only part of a structure in the block. "Unless and until we drill the other parts of the structure, the reserves cannot be proven."

More Stories on : Outlook | Petroleum | Oil & Natural Gas Corporation Ltd

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

Stories in this Section
E&Y unveils outbound tax advisory service

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