India’s ONGC to invest for redevelopment of offshore blocks
KOLKATA (miningweekly.com) - Indian oil and gas exploration and production (E&P) major ONGC Limited will be investing $1.1-billion over the next three years to rejuvenate its ageing Mumbai High offshore reserves on the Arabian Sea.
The third phase redevelopment of Mumbai High offshore blocks would entail drilling 73 new wells in the north blocks and another 50 wells in the south block with the aim of securing a production target of 132-million barrels of crude per year, officials said.
The investments would also include new well-head platforms and replacement of subsea pipelines.
Mumbai High, among the oldest assets of ONGC, was discovered in 1974 and went into production in 1976. In the first phase of redevelopment, the E&P major had invested $1.36-billion to get 57-million tonnes of oil and 16-billion cubic meters of gas. In the second phase ONGC invested $2.71-billion to get 36-million tonnes of crude oil and six-billion cubic meters of gas.
ONGC’s investments in the redevelopment of existing oil and gas reserves comes at a time when it has come under criticism for losing focus on its primary function as the country’s leader in E&P, instead committing investments to downstream petrochemical projects and diversification ventures such as fertiliser production.
The Petroleum and Natural Gas Ministry, in a presentation for the newly elected Prime Minister Narendra Modi, among other points observed that ONGC moving downstream into petrochemical and refining activities had diverted its “focus from its core job of finding and producing more oil and natural gas”.
It pointed out that lack of domestic exploration by national oil companies and legal disputes over production sharing agreements were major hurdles in the way of achieving increased energy security.
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