M3nergy Wins Contract for Development of Marginal Fields Offshore India

M3nergy and its partners have been awarded a service contract for the development of offshore marginal fields off Mumbai, India (known as Cluster 7) by ONGC. The partners in the consortium are M3nergy Berhad, Hindustan Petroleum Corporation Limited and Prize Petroleum Company. The participation by the members in the consortium is 30%, 60% and 10% respectively with PPCL as the consortium leader. M3nergy will be the executor of the project.

HPCL is one of the largest integrated oil refining and marketing company in India. PPCL is the upstream company promoted by HPCL to carry out exploration and production of oil and gas.

These fields will be producing oil and gas. The scope of work for the project includes the geological, geophysical and reservoir assessment, field development, operations and maintenance of the fields. The development period is expected to take 2-3 years. The estimated life expectancy of the fields is 10 years based on estimated reserves of between 30 40 million barrels of oil. The initial daily production is anticipated to be 15,000 barrels.

The award is subject to the finalization of a formal contract between the consortium and ONGC.

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