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| ONGC in its 195th Board Meeting held at Delhi on 28th August 2009 noted/ approved the following: |
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Dated: 28th August, 2009 |
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A. Noted Items:
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1. New Discovery in West Tripura PEL Block, Assam & Assam Arakan Basin
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Exploratory well Sundalbari-4 drilled in West Tripura PEL Block of A&AA Basin to a depth of 3400m flowed gas from the interval 2164-2168m @ 1,60,000 m3/d. The gas contains upto 96.3% Methane. This is a new pool discovery in Upper Bhuban Formation in a separate fault closure. This discovery has opened up a new reservoir for further exploration within the Sundalbari area and has also proved the extension of the field as a whole. The board was appraised of this new discovery.
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2. Insurance Coverage renewed for ONGC Directors & Officers (D&O) at 13.6% less premium over the last year
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The Board noted the renewal of insurance cover for ONGC Directors and Company Secretary for the year 2009-10 effective from 10.06.2009. The insurance cover limit of Rs 100 Crore is to cover any personal liability arising to Directors and Company Secretary of ONGC and its subsidiaries in discharge of their official responsibilities.
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For no claim for the last five years, ONGC has been entitled for a lower premium. M/s. National Insurance Co., the L1 bidder had quoted a price of Rs. 12 Lakh (excluding Serv. Tax) over Rs. 13.89 lakh previous year.
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B. Approved Items:
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1. Procurement of Second Generation Stimulation vessel
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The Board approved the acquisition of a new Stimulation Vessel equipped with state-of-the-art technologies for Mumbai Offshore at an estimated cost of Rs 764.1 crores, with FE component of US$150 Million and INR 14.18 crores ( @ FE US$ = Rs 50).
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The new Stimulation Vessel will increase the productivity of oil and gas wells by removing the drilling induced damage, increasing the effective well bore radius and changing the flow regime into the well bore.
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Presently Well stimulation jobs are done by Samudra Nidhi, the only Stimulation vessel owned by ONGC. The new vessel will not only augment the stimulation jobs but will gradually replace Samudra Nidhi in a phased manner. The vessel will be procured through Lump Sum Turnkey (LSTK) contract.
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2. Combined development of B-22 and B-193 projects
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ONGC approved the combined development of clusters of two Western Offshore Fields; namely B-22 cluster (comprised of B-22, BS-12, BS-13 & B-149 marginal fields) and B-193 cluster (comprised of B-193, B-172, B-178, B-179, B-180, B-28A, B-23A & B-28) at an estimated cost of Rs. 8554.26 crore with FE component of USD 1697.27 million (@ Exchange US$ =INR 48).
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The idea of combining two projects by way of offloading the process requirement and related facilities, erstwhile considered to be taken up separately, would amount to a savings of about USD 133 million.
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The project is scheduled to be completed by March, 2012, and the cumulative hydrocarbon production from this combined project is estimated at over 21.5 Million tonne of oil and oil equivalent gas (over 10 MMT oil and 11.5 BCM gas) over the next 15 years. While the gas production will commence by 2011, oil production is to begin by 2012.
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Issued By
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Oil and Natural Gas Corporation Ltd.
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Corporate Communications, New Delhi
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