ONGC to invest in NELP projects

Feb 04, 2003 01:00 AM

State-owned ONGC will invest about Rs 1720 crore ($ 382 mm) in 13 oil and gas blocks awarded to it under the third round of bidding of NELP.
"About $ 382 mm is likely to be spent by ONGC and its partners during the three exploration phases. Out of this, ONGC's share will be in excess of $ 346 mm," a company official said.

The ONGC-led consortium, which signed a licence agreement for the 13 blocks, would invest $ 198 mm in the first phase of exploration. Of this, ONGC's share would be in excess of $ 175 mm.
ONGC has been awarded nine blocks in Cauvery basin, Gujarat-Saurashtra Basin, Kerala-Konkan Basin, Assam, Cambay and Himalayan Foreland on its own and three blocks in Assam and Rajsthan basin with Oil India Ltd and one block in Pranhita-Godavari basin with Indian Oil Corporation. The consortium has committed to drill 23 wells in the initial exploration phase, sources said.

Under NELP-II, ONGC-led consortium, which won 16 blocks, had committed an investment of $ 650 mm, out of which ONGC's share was likely to be around $ 550 mm.
"During Phase-I of exploration, the indicative expenditure by the ONGC (consortium) are in excess of $ 230 mm, out of which, more than $ 32 mm have already been spent till the end of March 2002," the official said.

Source: HindustanTimes.com
Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« July 2020 »
July
MoTuWeThFrSaSu
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31

Register to announce Your Event

View All Events