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.
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