Home > Business > ONGC to invest $5.1 bn in oil finds off Andhra coast

ONGC to invest $5.1 bn in oil finds off Andhra coast

 M Post Bureau |  2017-01-27 18:15:32.0  |  New Delhi/Visakhapatnam

ONGC to invest $5.1 bn in oil finds off Andhra coast

State-owned Oil and Natural Gas Corp (ONGC) on Friday signed an MoU with Andhra Pradesh government for investing $5.07 billion in developing oil and gas finds off the state's coast by 2019-20.

ONGC will invest $5.07 billion in bringing to production 10 oil and gas discoveries in the Bay of Bengal block KG-DWN-98/2 (KG-D5), which sits next to Reliance Industries' flagging KG-D6 fields.

First gas production is envisaged by June 2019 and oil would start flowing from March 2020. Gas from the offshore field will be brought via sub-sea pipeline to Andhra Pradesh before being transported to end users.

The MoU was signed by ONGC Chairman and Manging Director Dinesh K Sarraf and the state government's Industries Director Kartikeya Misra.

The 7,294.6 sq km deep-sea KG-D5 block has been broadly categorised into Northern Discovery Area (NDA - 3,800.6 sq km) and Southern Discovery Area (SDA - 3,494 sq km).

The NDA has 11 oil and gas discoveries while SDA has the nation's only ultra-deepsea gas find of UD-1. These finds have been clubbed in three groups - Cluster-1, Cluster-II and Cluster-III.

Gas discovery in Cluster-I is to be tied with finds in neighbouring G-4 block for production but this is not being taken up currently because of a dispute with RIL over migration of gas from ONGC blocks, officials said.

From Cluster-II a peak oil output of 77,305 barrels per day is envisaged within two years of start of production. Gas output is slated to peak to 16.56 million standard cubic meters per day by end-2021.

ONGC launches e-learning portal on gender sensitisation

ONGC has launched a unique portal on gender sensitisation to impart training on prevention of sexual harassment (PoSH) at workplace. ONGC is the first public sector enterprise to have taken this initiative to buttress the act of the government related to (PoSH).

Launching the portal D D Misra, Director HR, said the initiative was conceptualized to provide protection against sexual harassment at work place and for prevention and redressal of complaints of such issues. This apart, the training will help inculcate a great sense of responsibility and professional ethics, required to discharge duties more efficiently, he added. The initiative, which is Misra's brainchild, aims at covering over 3000 senior officers at the level of Deputy General Manager and above in the first phase. The project, which has been implemented by premier institute ONGC Academy, will have a complete roll out over a period of one year to sensitize all the employees of the company.

M Post Bureau

M Post Bureau

This is the default Millennium Post


Share it
Top