Financial Daily from THE HINDU group of publications
Thursday, May 18, 2006
Financial Daily from THE HINDU group of publications Thursday, May 18, 2006 |
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Corporate
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Announcements Industry & Economy - Petroleum ONGC despatches first crude oil cargo to MRPL Our Bureau
New Delhi , May 17 The first crude oil cargo from ONGC's marginal field was despatched to Mangalore Refinery & Petrochemicals Ltd (MRPL). According to a statement issued here on Wednesday, ONGC said the cargo of 57,337 tonnes of crude oil from the marginal field D-1 of ONGC, located in Mumbai offshore, was despatched to MRPL. ONGC has initiated aggressive measures, taking its marginal fields to production to monetise its assets to the best extent possible, the statement said. The D-1 field of Bassein and Satellite Asset, the farthest oil field in Western Offshore (200 km south-west of Mumbai city, and 80 km south-west of Mumbai High), was put on production in February. D1 field has a resource estimate of 19 million tonnes of in-place oil. The Government had, earlier, offered D1 for divestment in the first bidding round itself. However, the low price regime, along with the marginal nature of the field - resulted in few takers showing interest, the company statement said.
Phase-wise exploitation
The company has evolved a phase-wise exploitation plan with water-injection, and integrated schemes to make the project feasible. The field has the potential to yield over 4.57 million tonnes of oil. With a marginal base price of $50 a barrel, the produce is worth over Rs 7,500 crore. Currently, the field has two producing wells. The present average rate of oil production from D-1 field is over 7,000 barrels of oil per day.
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