Leading infrastructure firm Punj Lloyd Monday said it has bagged an order worth Rs 730 crore from ONGC for executing a sub-sea pipeline project at Bombay High oil field.
New Delhi: Leading infrastructure firm Punj Lloyd Monday said it has bagged an order worth Rs 730 crore from ONGC for executing a sub-sea pipeline project at Bombay High oil field.
"Punj Lloyd has bagged the B-127 Cluster Pipeline Project in Mumbai from Oil and Natural Gas Corporation Ltd (ONGC), emerging as the lowest bidder for an amount of Rs 730 crore for the price bid which opened on April 25, 2013," the company said in a statement.
It added that the scope of project includes detailed engineering design, surveys, procurement, fabrication, load out, transportation, installation, pre-commissioning and commissioning of 115.50 km rigid submarine pipelines in nine segments.
Commenting on the order, Punj Lloyd's Director P K Gupta said: "The project requires meticulous planning and synchronisation due to its complex arrangement and challenging time frame. We have bagged this order amidst stiff competition and will ensure delivery to the clients' satisfaction."
The project needs to be completed by May 2014, the company said.
Before this order, Punj Lloyd's order backlog stood at Rs 22,499 crore.
According to Punj Lloyd, ONGC's B-127 cluster comprises three marginal fields -- B-127, B-157 and B-59 located North of Mukta and additional development of B-55 Field of Bassein and satellite asset in Bombay Offshore Bassein, with significant hydrocarbon accumulations in multi-layered reservoirs within the Bassein and Mukta formations.
The B-127 cluster development has an estimated cumulative production of 1.836 million tonne of oil and 2.093 billion cubic metre of gas over a ten-year period and the additional development of B-55 envisages production of 0.155 million tonne oil and 2.583 billion cubic metre gas over 13 years.
In past, Punj Lloyd has executed several offshore pipelines projects for ONGC including the Uran Trombay Gas Pipeline and the Uran Trombay Jawahardeep Pipeline, and the prestigious Heera Redevelopment Project, the company said.
For the fiscal year ended March, 2013, Punj Lloyd had reported a consolidated net loss of Rs 7 crore.
Shares of the company were quoting at Rs 53.70 apiece on the BSE at 1415 hours, down 0.92 percent from the previous close.