ONGC to invest 5 3 b in gas finds by 2013

Oil and Natural Gas Corp (ONGC) will invest $5.3 billion in developing gas finds in two of its eastern offshore Krishna Godavari basin blocks to produce 25 million standard cubic meters per day of gas by 2013.

“The Directorate-General of Hydrocarbons has approved our appraisal plan for the gas discoveries in deep-sea block KG-DWN-98/2. We plan to drill six appraisal wells to assess the potential and delineate the discoveries,” a company official said.

The block sits next to Reliance Industries prolific KG-DWN-98/3 or D6 block. ONGC plans to tie up 10 discoveries in KG-DWN-98/2 with the G-29, GS-4 and Vashistha gas finds in a shallow water block KG-OS-DW4 in the same basin. Besides natural gas, ONGC a lso plans to produce 8,000 barrels of oil a day from the fields. The reserve estimates and production plan in ONGC's appraisal programme, however, excludes ultra-deepwater UD-1 discovery in KG-DWN-98/2 block. The UD-1 discovery alone has been certified by DGH to hold just over 2 trillion cubic feet of in-place gas reserves.

“We plan to drill six appraisal well in KG-DWN-98/2 block and three in KG-OS-DW4. Following this we will prepare a detailed development plan. As of now, we think we will need 58 wells to produce the oil and gas planned for the fields,” he said. - PTI

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ONGC to invest 5 3 b in gas finds by 2013