19 February 2004 00:44
ONGC Bombay High Recast Creates Rs 4,000 Cr Revenue
Oil & Natural Gas Corpor-ation Ltd (ONGC) has generated a revenue of Rs 4,000 crore since the implementation of
the redevelopment of the Mumbai High project. Speaking on the occasion of completion of 30 years of Mumbai offshore, Ram
Naik, Union minister for petroleum and natural gas, said, "On the successful implementation of redevelopment plan
of Mumbai High, involving a massive investment of over Rs 8,000 crore, we are now expecting that it will deliver
additional 75 million tonne of oil and oil equivalent gas by 2030. In a short span of three years, production from
Mumbai High has shot up from 2,00,000 barrels of oil per day to 2,62,000 barrels currently." He added, "I am
told that improved understanding of Mumbai High reservoirs by geo-scientists, application of drilling, completion and
production technologies and a proactive corporate role are some of the key drivers of success of Mumbai High."
Subir Raha, chairman, ONGC, while unveiling ONGC HSE Policy said, "We shall enhance awareness and involvement in
promotion of occupational health, safety and environment protection wherever we work and reside. We are committed to
maintain highest standards of occupational health, safety and environment protection." As regards to ONGC Videsh
Ltd (OVL), Mr Naik said, "OVL has nine overseas assets and is actively seeking more opportunities across the world.
With a long-term target of acquiring 60 mmtpa of equity oil and gas overseas by 2025, OVL is currently working towards a
goal of 20 mmtpa by 2010." OVL, currently, operates in Myanmar, Russia, Vietnam, Iran, Iraq, Syria, Libya and
Sudan. In view of the unfortunate helicopter accident near Mumbai, Mr Naik added that the government has set up a
high-level enquiry commission under the chairmanship of Dr TS Vijayraghavan, former petroleum secretary. Mr Naik added,
"The committee has submitted two interim reports, which are under examination in the government."
[Financial Express] |
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