The investment will go to install one oil well platform in the relatively un-drained area of the field and one light weight gas well platform to produce free gas, for the first time, from a shallow gas reservoir.
This investment is expected to yield additional oil production of 20 million barrels and gas production of 3.753 billion cubic meters (BCM) by 2020-21.At current oil price of around US$ 40 per barrel, the revenue from oil sale alone will amount to US$ 800 million or Rs. 3680 Crore.
Heera, a medium-sized offshore field located 70 kilometers from the shore of the Mumbai city, in a water depth of 50 meters, is being operated by ONGC since 1984. With estimated In-place oil reserves of 1941 million barrels, the field has cumulatively produced 522 million barrels of Oil till now.
The project is expected to get completed by the end of February, 2007. Both the platforms will be designed incorporating the state-of-the-art facilities by in-house engineering team and all the oil and gas wells will be drilled as high-technology wells as being drilled by ONGC in its Mumbai High field currently.
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