Business Daily from THE HINDU group of publications
Thursday, Oct 25, 2007
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Business Daily from THE HINDU group of publications Thursday, Oct 25, 2007 ePaper | Mobile/PDA Version |
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Petroleum Corporate - New Projects
Mr R.S.Sharma, CMD., ONGC Our Bureau Mumbai, Oct 24 Oil and Natural Gas Corporation Ltd aims to invest over $ 5 billion and produce 25 million metric standard cubic metres per day of gas from its fields in the Krishna Godavari basin by 2012-13, the Chairman and Managing Director, Mr R.S. Sharma, told presspersons on Wednesday. There are 6 trillion cubic ft of gas reserves in the basin. The company has submitted to the Director General of Hydrocarbons (DGH) an appraisal programme of the KG basin discoveries. The programme is yet to be validated by the DGH, he said. Mr Sharma said that ONGC hopes to revise the gas reserve estimates of KG basin after drilling more appraisal wells. The development of the fields would start by 2010. The 3D seismic survey for the ultra deep-water blocks in KG basin is currently underway. The company, during the 11th Plan period, would invest Rs 31,000 crore as capital expenditure for the exploration and production activities. A major part of the funding would be from internal accruals, Mr Sharma said. ONGC has major oil and gas fields on the western offshore which are active for the past 30 years. Its ageing infrastructure is currently under complete overhaul. Under the overhaul plan, the company plans to implement 13 projects valued at $3 billion. Of which 11 projects are scheduled to be completed by April 2008 with a capital expenditure of about $ 2.5 billion. Mr Sharma said that after the redevelopment of Bombay High field, it is expected to achieve a daily oil production of 2,70,000 barrels per day from the current 2,50,000 barrels. On the issue of high attrition rate, especially in the middle level management, he said that the company would not be taking up the issues “kindly”. More Stories on : Petroleum | New Projects | Oil & Natural Gas Corporation Ltd
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