L&T arm bags Rs. 894 cr offshore contract from ONGC.

Larsen & Toubro (L&T) recently said it has bagged an offshore contract worth Rs. 894 crore from Oil & Natural Gas Corporation (ONGC) for additional development of the Vasai East project.

The company's fully owned subsidiary L&T Hydrocarbon Engineering (LTHE) has bagged the contract on complete turnkey basis from ONGC to improve recovery factor of Vasai East field where production started in 2008, and it is scheduled to be completed by April 2016, a release issued here said.

'The contract includes total engineering, procurement, construction and installation of two wellhead platforms, subsea pipelines and modification of existing facilities in Heera-Panna-Bassein block of Mumbai offshore,' it said.

The Rs. 2,500 crore project will result in incremental oil production of 1.83 million metric tonne (MMT) and incremental gas production of 1.971 billion cubic metres (BCM) by 2030.

'This contract reiterates the long term association of ONGC with L&T in the development of offshore fields in India,' the company said.


HBL