ONGC to invest Rs. 5,700 in Mumbai High North.

Oil and Natural Gas Corp (ONGC) said it will invest over Rs. 5,700 crore in re-development of its giant Mumbai High (North) oil and gas field off the west coast.

The project will yield an incremental 6.997 million tonnes of crude oil and 5.253 billion cubic metres of gas by 2030, the company said in a statement.

'The board of ONGC approved the proposal for re-development of its giant offshore field - Mumbai High (North) involving a capital investment of Rs. 5,706.47 crore, including foreign exchange component of Rs 4,421.76 crore ($743.15 million at exchange rate of Rs 59.50 to a US dollar),' it said.

The project is designed to carry forward the success of the previous two editions of redevelopment projects of the fields that were discovered four decades ago. This will give a new lease of life to the giant field.

The project cost includes Rs. 2,586.42 crore in creation of surface facilities, Rs. 1,992.11 crore in new oil and gas wells and Rs. 1,127.94 crore in sidetracking of existing wells.

'The facilities envisaged under the project are installation of five well platforms, one clamp-on facility for wells at an existing platform, associated pipelines and modifications at 13 platforms, drilling of 52 new wells and 24 sidetrack wells,' according to the statement.

HBL