A number of four oil and gas discoveries have been notified by the leading state-run company in the power sector, the Oil and Natural Gas Corporation (ONGC) in the month from 21st January to 24th February. The board of the company did meet on Monday and the company informed after the meeting that it has already notified the discoveries to the Directorate-General of Hydrocarbons. The company officials have informed that the board has also given approval to three major investment plans for growth-oriented projects of the company. The projects include the Dahej Petrochemicals Project, an additional processing facility at Hazira, and also acquiring a 30 per cent additional stake in Gulf-A.
The company stated in the official statement, "three of the discoveries are onland and the fourth in offshore". The statement added that the onland discoveries were made in well Kosamba-41 and well Chaklasi-8, both in the Western onshore and another one in well Mekrang-7 in Assam. The company also said that it has made the offshore discovery in well B-12-11 in PEL Block BOFF 1, 2, 3 on the Arabian Sea. According to one of the top officials of ONGC, the company will take up an additional participating interest (PI) of 30 per cent in the development phase of Gulf-A. The official said that the company would make the investment in the joint venture block of CB-OS-1, at the northern-most end of Gulf of Cambay.
The sources from the company have informed that the share of capital expenditure of ONGC would be $57.209 million, after the acquisition of additional 30% stake. The sources added that the other partners of ONGC in the joint venture are the Tata Petrodyne and HOEC. The sources further said that the board of ONGC has also cleared the revised configuration of the Dahej Petrochemicals Project that is being implemented by the ONGC Petro-additions Ltd (OPAL). ONGC is having a management control in OPAL with a 26 per cent equity holding. The sources said that the project was initially planned with a SBR and a dedicated HDPE unit and the company has removed both the units at the moment. The sources added that the capex has also come down to Rs 12,440 crore from the previous Rs 13,540 crore and ONGCs equity contribution in the project is Rs 970 crore. According to another top official of the company, the projects internal rate of return has been worked out to be 15.4 per cent and the company is expecting the reconfigured project to be completed by the month of February 2012.
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| Posted : 2/27/2008 |
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