Governance Now Masterminds

ONGC to invest of Rs 7,327 cr for five projects

ONGC board approves an investment of Rs 4,104.63 cr to develop R-series fields including revival of R-12 (Ratna)

GN Bureau | February 25, 2017


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State run enterprise oil and natural gas corporation limited (ONGC) has decided to invest Rs 7,327 crore to develop five projects to produce oil and gas. The decision was taken in its 290th board meeting held on February 23.

The projects include development of R-Series fields, including revival of R-12 (Ratna), redevelopment of Santhal field, development of B-147 field, development of BSE-11 block and 4th phase development of NBP field.
The board approved an investment of Rs 4,104.63 crore to develop R-series fields including revival of R-12 (Ratna), an ONGC press release said.
 
R-12 (Ratna) field was discovered in 1979 and put on production in 1983 which remained operational till 1994. The government awarded the contract for development of Ratna and R-Series fields in 1996 to a private sector consortium in a competitive bidding round. However, the contract could not be inked owing to several reasons and in March 2016, the government reverted the Ratna and R-Series fields to ONGC for development and production.
 
Ratna-R series fields are located about 130 km South-West of Mumbai and around 41 km from Heera field in the Western offshore. Out of 37 structures in the field, eight were found to be oil bearing and only one R-12 (Ratna) field was under exploitation during 1982-1994. The remaining R-series structures are yet to be monetised.
 

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