New Delhi, Apr 27: State-owned Oil and Natural Gas Corporation (ONGC) will invest Rs 430 crore to put to production two offshore fields in Krishna-Godavari basin. "The board of ONGC has approved investment of Rs 429.82 crore for development of G-1 and GS-15 fields located in Bay of Bengal, 5-10 kms off Amlapuram coast in KG offshore basin," company sources said. Oil and gas production envisaged from the proposed integrated development of G-1 and GS-15 fields is 0.704 million tonnes of oil and 4.135 billion cubic metres of gas over a period from 2005-06 to 2014-15. ONGC, which currently produces close to 26 million tonnes of crude annually, is targetting to add 1.5-2 million tonnes additional production by the end of terminal year of 10th five year plan 2006-07 through development of new finds. Besides G-1 and GS-15, the company is also putting to production Bassein Peast field in western offshore at an estimated cost of Rs 985.17 crore, sources said.
Field G-1 is estimated to contain 5.02 million tonnes of oil reserves and GS-15 contains another 3.09 million tonnes of reserves.
The project is proposed to be completed within 24 months.
So far, nine exploration wells have been drilled in G-1 structure and eight exploration wells have been drilled on different culminations of GS-15 structures. Bureau Report