 "ONCG Board approves Rs 600 cr investment proposal")
**New Delhi:**State-owned Oil and Natural GasCorp (ONGC) today said its board has approved an investment ofRs 600 crore for development of Western Periphery oil and gasdeposits off the west coast.
The Board in its meeting today “approved investmentproposal for Development of Western Periphery as a part ofMumbai High South Field, Phase III Redevelopment, at anestimated cost of Rs 600.17 crore,” the company said in astatement here.
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The project, scheduled to be completed by December 2014is expected to result in incremental production of 1.031million tonnes of oil and 213.817 million cubic meters of gasby March 2030.
“The project envisages installation of one 12 slotfour-legged unmanned platform, drilling of 10 wells andassociated modifications and pipelines for well fluid, gaslift and water injection,” it said.
Mumbai High South field’s Phase-I redevelopment project,which was completed in 2007, helped significantly arrest thedecline in production and increased it from level of 131,400barrels per day (bpd) in June 2001 to 173,000 bpd by beginningof 2007.
The phase-II which was launched after the completion ofPhase-I to further improve the recovery factor is in advancestage of completion and is expected to improve oil recovery to34.5 percent by March 2030.
ONGC said four new discoveries have been notified to theauthorities.
Exploration well Phulani-1 in Merapani block of Assam andAssam Arakan basin found oil. The well Phulani prospect issituated at a distance of about 20 km south-east of Golaghattown in Golaghat district of Assam.
Also, oil and gas was found in an exploration well onAdvipalem-Poonamanda block in Krishna Godavari basin, 20 kmsouth of Amalapuram town in East Godavari district of AndhraPradesh.
ONGC said it also found gas in a L-II block in Cauveryonland basin and in BOFF-1,2,3 blok in western offshore basin.
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