Oil & Natural Gas Corporation Ltd. said its board took note of three three significant new discoveries and decided to pump in Rs.4,050 crore to revamp some western offshore facilities.
The fist exploratory well Vanuduru South #1 in West Godavari PML block of Krishna Godavari or KG Onland Basin in the state of Andhra Pradesh was drilled to a depth of 3691 metres. On testing the interval of 3628-3634 metres in Nandigama formation, oil was produced at 181 bopd and gas at 51,772 m3/day through 6 mm bean. The oil is of very high quality with API gravity of 49.20.
The second exploratory well KG-OSN-04-NASA #1 (Saveri #1) in NELP block KG-OSN-2004/1 (NELP-VI in 2004) of KG shallow offshore basin, 25 km south of Narsapur, was drilled to a depth of 2669.43 metres. On testing the interval 2537-2543 metres, gas flowed at 4,09,453 m3/day through 3/8" choke. Another internal, 2246.5-2250 metres, also flowed gas at 4,74,722 m3/d and condensate of 51.2 degrees API gravity at 72 bopd through 1/2" choke.
The third exploratory well AD #37 (ADAO) in Agartala Dome Extension-II PML, 12 km south-west of Agartala in Tripura state was drilled to a depth of 3500 metres. The internal 2809.5-2806 metres in Middle Bhuban formation, on conventional testing produced gas at 1,08,576 m3/day through 6 mm bean.
The board also decided to invest over Rs.4,050 crore to upgrade western offshore facilities through two major projects -- revamp of unmanned platforms Phase-II in Mumbai High and Neelam and Heera Asset at a cost of Rs.2,913.10 crore and turnaround/reconstruction ((TARC) of BPA and BPB complexes at a cost of Rs.1,138.50 crore.
The total revamp job of Neelam and Heera Asset is expected to be completed by pre-monsoon 2016. Upgrading of BPB is planned to be completed in 2013-14, while that of BPA is scheduled for completion in 2014-15.
At the BSE, Oil and Natural Gas Corporation closed Thursday's trading at Rs.298.30, down 0.95 percent from the previous close.
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