Friday, June 08, 2007

Indian Stock ONGC, Oil and Natural Gas Corporation

The board of directors of Oil and Natural Gas Corporation (ONGC), the country's biggest explorer, has approved an investment of Rs 1,240 crore to develop off-shore marginal fields located north-west of Mumbai High, the country's largest off-shore field, a statement from the company said.

The development of these fields is expected to be completed by April of 2010. The total in-place gas reserves in these fields is estimated to be 11.298 billion cubic metre (BCM).

Post-development, the fields are expected to produce 1.636 million metric standard cubic metre per day (MMSCMD) of gas and 2,890 barrels per day of condensate - a low-density mixture of hydrocarbons present in raw natural gas produced from many natural gas fields.

Over a period of 12 years, the cumulative gas and condensate production is expected to be to the tune of 5.273 BCM and 1,684 million cubic metre, respectively.

ONGC has also reported the completion of the redevelopment of Mumbai High South by end of May, 2007, 19 months ahead of schedule. Work on the project was started in October, 2001.

Tips4Trade Team