Business Daily from THE HINDU group of publications
Monday, Jun 30, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Monday, Jun 30, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Petroleum Corporate - Alliances & Joint Ventures
“The (joint) development plan for North Tapti is nearing finalisation and is expected to be placed before the ONGC board shortly.” Pratim Ranjan Bose Kolkata, June 29 Cairn India and ONGC (Oil and Natural Gas Corporation) have near-finalised the plan for joint development of Ambe and North Tapti offshore marginal gas fields in the Gujarat coast. According to sources, the project will lead to natural gas production of 1.5 million metric standard cubic metre a day (mmscmd) from Cairn operated Ambe field and 2 mmscmd by ONGC’s North Tapti. The entire production of 3.5 mmscmd gas and associated oil will be processed at Cairn’s existing operations at Hazira. ONGC and Cairn have opted for the joint development route to optimise the investment in pipeline, processing and other infrastructure in these marginal fields. Ambe is a satellite gas field of Cairn (40 per cent) operated CB/OS-2 joint venture in Cambay basin. The other partners in the joint venture are ONGC and Tata Petrodyne. The satellite field, discovered in 2001, is surrounded by ONGC’s North Tapti. According to sources, the Cairn-operated joint venture has already pegged the estimated cost of developing Ambe at approximately Rs 300 crore. ONGC may have to pump in Rs 500-600 crore for development of North Tapti. When contacted, ONGC sources admitted that they were moving ahead with the plan to jointly develop the North Tapti field. “The (joint) development plan for North Tapti is nearing finalisation and is expected to be placed before the ONGC board shortly,” a company source told Business Line. ONGC proposes to build two platforms in North Tapti for production of 2-2.2 mmscmd gas and associated oil, which will be connected to Cairn’s existing pipeline network for processing at Hazira. While comments were not available from Cairn, industry sources said that the CB/OS2 JV would develop one production platform at Ambe. Apart from gas, the field was expected to produce 7,000 barrels of oil and condensate. According to a Cairn announcement in April, the CB/OS-2 JV is currently producing a little more than 1 mmscmd (36 million standard cubic feet a day) of natural gas and 10,000 barrels of oil from Lakshmi, Gauri and CB-X fields. The offshore Lakhsmi and Gauri are ageing fields and are on a declining phase of production. CB-X is an onshore marginal field. More Stories on : Petroleum | Alliances & Joint Ventures | Oil & Natural Gas Corporation Ltd | Cairn India Ltd
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