New Delhi: State-owned Oil and Natural Gas Corp (ONGC) has said it will invest Rs. 5,219 crore in bringing to production Daman gas fields in the Arabian sea by July 2016.
The board of ONGC at its meeting today approved "investing Rs. 5,219 crore towards Daman Development project to enhance production of natural gas and condensate in its Tapti Daman Block in Arabian Sea," the company said in a statement.
The project is located about 90-100 kilometers from Daman coast and includes additional development of C-24 field and monetization of B-12 marginal fields (B-12-11, B-12-13 and B-12-15).
Production is expected by July 2016 with peak output of 8.35 million standard cubic meters per day of gas and 9,286 barrels of condensate per day.
"The cumulative production till 2034-35 is pegged at 27.67 billion cubic meters (BCM) of gas and 5.01 million cubic meters of condensate. The gas and condensate will be evacuated to Hazira," it said.
The project envisages installation of seven well head platforms, one riser platform with associated pipelines and drilling of 28 wells. The project is scheduled for completion by pre-monsoon 2019.
Coming close on the heels of Rs. 5,813 crore Mumbai High South Redevelopment project (Phase-3) approved in the last Board meeting earlier this month, this approval flags the oil major's aggressive investment posture to ramp up production from the Western Offshore.