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ONGC to invest $5.1 bn in AP basin
Oil and Natural Gas Corp (ONGC) and Andhra Pradesh government on Friday signed an MoU on developing a major oil and gas field. ONGC will invest $5.07
Visakhapatnam: Oil and Natural Gas Corp (ONGC) and Andhra Pradesh government on Friday signed an MoU on developing a major oil and gas field. ONGC will invest $5.07 billion in developing oil and gas finds off the state's coast by 2019-20. The project envisages bringing to production 10 oil and gas discoveries in the Bay of Bengal block KG-DWN-98/2 (KG-D5), which is located next to Reliance Industries' flagging KG-D6 fields.
As part of the MoU, the gas production is expected to take off in June 2019 and oil would start flowing from March 2020. Gas from the offshore field will be brought via sub-sea pipeline to the State before being transported to end users.
ONGC Chairman and Managing Director Dinesh K Sarraf and the state government's Industries Director Kartikeya Misra signed the MoU. The 7,294.6 sq km deep-sea KG-D5 block has been broadly categorized into Northern Discovery Area (NDA - 3,800.6 sq km) and Southern Discovery Area (SDA - 3,494 sq km). The Northern Discovery Area has 11 oil and gas discoveries while Southern Discovery Area has the nation's only ultra-deepsea gas find of UD-1. These finds have been clubbed in three groups - Cluster-1, Cluster-II and Cluster-III.
Gas discovery in Cluster-I is to be tied with finds in neighbouring G-4 block for production but this is not being taken up currently because of a dispute with RIL over migration of gas from ONGC blocks, officials said. From Cluster-II a peak oil output of 77,305 barrels per day is envisaged within two years of start of production. Gas output is slated to peak to 16.56 million standard cubic meters per day by end-2021.
