Financial Daily from THE HINDU group of publications
Saturday, Apr 10, 2004
Financial Daily from THE HINDU group of publications Saturday, Apr 10, 2004 |
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Corporate
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Announcements Industry & Economy - Petroleum ONGC to invest Rs 2,500 crore in Mumbai High Archana Chaudhary
Mumbai , April 9 OIL and Natural Gas Corporation Ltd (ONGC) plans to invest Rs 2,484 crore on its largest oil field - Mumbai High - during the new financial year. Although a large part of these investments will be targeted towards the ongoing redevelopment programme for increasing production from the ageing asset, at least half the sum will be directed towards new projects, senior officials told Business Line. As part of its attempts to increase production from this ageing field, the company had in 2001, launched a redevelopment programme to increase oil recovery from Mumbai High, and planned investments of Rs 8,000 crore. ONGC hopes to produce an additional 75 million tonnes of oil and oil equivalent gas by 2030 through the redevelopment programme from its largest field, which lies off the Mumbai coast. "So far we have produced additional 50,000 tonnes of oil and oil equivalent since the programme started. This year, we will be investing in laying the two Mumbai High-Uran trunk pipelines, which will be the largest of their kind in Asia-Pacific," Mr Kharak Singh, Executive Director, ONGC, said. The company will spend close to Rs 2,800 crore on laying the 261-km oil and 246-km gas pipelines linking the Mumbai High with Uran on the western coast, south of Mumbai. In addition, the company will also invest Rs 1,048 crore on setting up well platforms in Mumbai High (South). Of the nine well platforms to be set up in the deep waters off the Mumbai coast, five will be set up this year. The Mumbai High field has contributed almost 35 per cent of ONGC's total revenues at Rs 35,386 crore in the financial year-ended March 31, 2003.
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