ONGC to Invest Over $5B in Offshore Gas Finds

Tuesday, October 23, 2007
Oil and Natural Gas Corp. (ONGC) plans to invest over $5b to produce 25 million standard cubic meters per day (mmscmd) of gas from its eastern offshore Krishna Godavari fields by 2013. The state-run firm submitted to the regulator Director General of Hydrocarbons an appraisal program of the discoveries it had made in KG offshore basin, putting the in-place reserves at 6.37 Trillion cubic feet (Tcf), industry sources said. Besides natural gas, ONGC also plans to produce 8,000 barrels of oil per day from the fields. The reserve estimates and production plan in ONGC's appraisal program, however, do not include its ultra-deepwater UD-1 discovery in KG-DWN-98/2 block adjacent to Reliance Industries' prolific gas discovery block KG-D6. ONGC estimates another 2-14 Tcf of reserves in the UD-1 discovery, sources reportedly said, adding half-a-dozen other finds in the same KG-DWN-98/2 block have been clubbed with other discoveries in the region like G-29, GS-4 and Vashistha. The production planned is better than previously announced plans of 12-15 mmscmd. Sources indicated the company's appraisal plan outlines integrated development of the discoveries in shallow to deepwater (northern) part of the KG-DWN-98/2 block along with other fields in adjoining nomination acreages. While ONGC has 90 per cent stake in the KG-DWN-98/3 block, it has 100 per cent stake in the adjoining acreage which it got from the government on a nomination basis. Cairn India has the remaining 10 per cent in KG-DWN-98/3. Norsk Hydro of Norway and Petrobras of Brazil are to take 15 to 30 per cent stake in the block. [Source: http://economictimes.indiatimes.com]

Offshore

GoM Operators Evacuating Ahead of Storm

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9.   The Bureau of Safety and Environmental

New Offshore Gangway Launched at ONS

The new Barge Master Gangway will be presented at the joint booth of Barge Master and Bosch Rexroth during the international offshore trade exhibition ONS (Offshore Northern Seas) in Stavanger.

Russian Shipbuilder Signs $1 bln Oil Rigs Contract with Iran

Russian shipbuilder Krasnye Barrikady and Iran's Tasdid Offshore Development Company (TODC)  have signed a deal worth $1 billion to build five offshore drilling

Cruise Ship Trends

Hapag-Lloyd Cruises Orders Two Vessels

TUI Group, the world’s number one tourism group, will invest in two new-builds for its Hamburg-based subsidiary Hapag-Lloyd Cruises. The two, new, 5-star expedition

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

Vard Bags Hapag-Lloyd Cruises contract for 2 Vessels

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that it has secured contracts

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0683 sec (15 req/sec)