ONGC to Invest $863M on Daman Development Project in Arabian Sea

India's state-owned Oil and Natural Gas Corp. Ltd. (ONGC) announced Thursday that it will invest $863.2 million (INR 5,219 billion) on the Daman Development project to boost natural gas and condensate production at Tapti Daman Block in Arabian Sea.

The offshore project, which covers the additional development of C-24 field and monetization of B-12 marginal fields -- including B-12-11, B-12-13 and B-12-15 -- is located around 56-62 miles (90-100 kilometers) from Daman coast.

ONGC revealed that Daman development is expected to commence production by July 2016, with peak production reaching 294.84 million standard cubic feet per day (8.35 million standard cubic feet per day) of gas and 9,286 barrels of condensate per day. Cumulative production from Daman is projected to reach 977 billion cubic feet (27.67 billion cubic meters) of gas and 176.9 million cubic feet (5.01 million cubic meters) of condensate by 2034-35. Gas and condensate from the Daman development will be transported to Hazira through Tapti Process facilities of Tapti-JV.

Facilities for the project, which is targeted for completion by pre-monsoon 2019, will include 7 well head platforms and 1 riser platform with associated pipelines. ONGC plans to drill 28 wells for the Daman project.

"This approval (to invest in the Daman development) flags the oil major’s aggressive investment posture to ramp up production from the Western Offshore," ONGC said in a press release.

Separately, ONGC reported that Narendra K Verma has taken over as managing director of ONGC Videsh Ltd. (OVL) Aug. 28. Verma succeeded Dinesh Kumar Sarraf, who left the OVL post earlier this year to become the chairman and managing director of ONGC.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Chee Yew Cheang
APAC Editor | Rigzone
 -  Malaysia's InvestKL Woos Top Oil, Gas ... (Oct 6)
 -  Petrobangla Invites EOIs for 3 Offshor... (Sep 30)
 -  Malaysia's SapuraKencana Posts 7.1% Ga... (Sep 29)
 -  TH Heavy Engineering, McDermott End Pa... (Sep 26)
 -  Singapore's NUS Slowly Builds its Petr... (Sep 26)

Most Popular Articles

From the Career Center
Jobs that may interest you
Gas Storage Reservoir Engineer
Expertise: Petroleum Engineering
Location: Houston, TX
United States Odessa: Sr Field Engineer - Directional Drilling
Expertise: Directional Driller|Drilling Engineering
Location: Odessa, TX
United States Houston: Lead Applications Analyst/Developer
Expertise: Budget / Cost Control
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours