Government is considering a Oil and Natural Gas Corporation (ONGC's) proposal to invest over Rs 5,000 crore for redevelopment and improved recovery plan for Mumbai High oil field, Petroleum Minister Ram Naik said in Mumbai while indicating that second round of bidding under the New Exploration and Licensing Policy (NELP) would start before the end of the current year.

“We are considering implementation of a redevelopment and improved recovery plan for Mumbai High, not only for enhancement of production but also to maximise the recovery in the long run,” Naik said at a FICCI seminar on crude oil exploration and production.

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“Redevelopment plan for Mumbai High north would be taken up in January 2001 while that for Mumbai High south in April 2001,” he said.

“Stating that India had an endowment of 26 sedimentary basin, with a total area of 3.14 million square kilometers, of which over 40 per cent were in less explored deep-water areas,” Naik said some blocks in deep sea would be offered in the second exploration licensing round under the NELP before the end of the current year.

Bureau Report