ONGC approves three new offshore projects


Oil and Natural Gas Co. Ltd. (ONGC) will invest Rs.7327 crore (more than $1 billion) to develop five projects, three of which are offshore. In total, they are anticipated to produce nearly 15 million metric tons of oil (16.5 tons) and 2.972 bcm of gas. The B-147 field, part of the Bassein field and satellite area is being developed at a total estimated capital cost of Rs. 546.15 crore (nearly $82 million). The field is located about 110 km (68 miles) from the Mumbai shore in water depths of around 70-77 m (230-253 ft). The B-147 development involves drilling three new wells, installing a new four-slot wellhead platform with associated pipelines and modification in two existing platforms.