ONGC Secures BHN Insurance Claim for 761.6 Crore

ONGC has secured its insurance claim for its Bombay High North (BHN) platform amounting to Indian rupees 761.6 Crore (173 million US dollars). ONGC lost this offshore platform in a fire on July 27, 2005.

The United India Insurance Company has settled the full demand of ONGC quickly, as the underwriters were convinced of the case.

This amount corresponds to only the BHN platform. The insurance claim corresponding to its offshore vessel Samudra Suraksha is under process and is expected soon.

The production of ONGC from Mumbai High (the offshore area which housed the BHN platform) has now increased. The production has now recovered to 2,20,000 Barrels of Oil Per Day (BOPD), thanks to the efforts of ONGC. The production came down to 1,45,000 BOPD from 2,65,000 BOPD after the accident.

The Gas Sales which went down to 6.0 Million Metric Standard Cubic Meters Per Day (MMSCMD) from 9.5 MMSCMD, has recovered to 10.2 MMSCMD.

Director (Offshore) of ONGC Mr. N K Mitra said that ONGC is going to hire a Floating Production System (FPSO) to further augment production from this oil field.