ONGC Vying for Operatorship of Raava Field
ONGC is trying to gain operatorship of Raava field located in the Bay of Bengal. Currently ONGC holds a 40% stake in Raava and now wants sole operatorship of the field. The field is currently being operated jointly by all partners which include Videocon Petroleum Ltd. with a 25% interest, Cairn Energy with a 22.5% and Marubeni-owned Ravva Oil Singapore with a 12.5% interest. The operatorship matter will be discussed at a meeting later this month.
Ravva has an estimated 20.86 million metric tons of crude oil reserves and 6.07 billion cubic meters of natural gas reserves. The field yields about 47,600 barrels a day of crude oil and 880,000 cubic meters of natural gas/day. Crude from the field is sold to state-owned refining and marketing firm Hindustan Petroleum Corp. while the gas is sold to state-owned Gas Authority of India Ltd.