LTHE Secures $222M EPIC Deal for ONGC's Mumbai High North Phase III Project
India's L&T Hydrocarbon Engineering Limited (LTHE), a fully-owned subsidiary of Larsen & Toubro Limited (L&T), secured a new offshore contract, valued at $222.42 million (INR 13.40 billion), from the country's state-owned Oil and Gas Corp. Ltd. (ONGC).
The contract from ONGC covers the engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field off India's west coast.
"The project, part of ONGC’s strategy to re-develop Phase-III of Mumbai High North field to enhance production from existing reservoirs, is scheduled to be completed by March 2016," L&T said in a press release.
ONGC approved in late June the proposal for redevelopment of the Mumbai High North field involving a capital investment of $947.63 million (INR 57.06 billion). Upon completion, the project will produce 6.997 million ton of crude oil and 185.487 billion cubic feet (5.253 billion cubic meters) gas by 2030.
According to ONGC, the total capital expenditure includes creation of surface facilities for $429.50 million (INR 25.86 billion), new oil and gas wells for $330.82 billion (INR 19.92 billion) and sidetracking of existing wells for $187.31 million (INR 1,127.94).
Facilities for Mumbai High North Phase III redevelopment comprised installation of 5 wellhead platforms, one clamp-on facility for wells at an existing platform, associated pipelines and modifications at 13 platforms, drilling of 52 new wells and 24 sidetrack wells. Installation of the facilities is scheduled for completion by April 2016, while drilling of wells and the overall project completion is targeted for May 2017.
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