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Business EconomyPosted at: Mar 28 2016 3:28PM


ONGC board approves Rs 34k cr investment plan for K-G block

New Delhi, Mar 28 (UNI) ONGC board today approved a Rs 34,012 crore-field development plan for its Krishna-Godavari deep water block.
This comes after the Union Cabinet approved special pricing dispensation for deep water and other difficult blocks that start production after January 1, 2016.
“Board of Directors of ONGC has, in its meeting today, approved FDP for fields falling under Cluster 2 of the deep water NELP block KG-DWN-98/2,” the company said in a statement.
The development would involve a capital expenditure of 5.07 billion dollar, or Rs 34,012 crore.
Cluster 2 of the block has been divided into two parts, Cluster 2A and Cluster 2B.
Cluster 2A has estimated in-place reserves of 94.26 million metric tonne of crude oil and 21.75 billion cubic meter (BCM) of associated gas.
Cluster 2B has estimated in-place reserves of 51.98 BCM of free gas.
Production is envisaged at a peak oil rate of 77,305 bopd and 3.81 mmscmd of associated gas, the company added.
UNI NM AE 1528
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