ONGC To Spend Rs 430 cr on the Krishna Godavari Field
ONGC will invest Rs 430 crore develop two offshore fields in Krishna Godavari Basin. The Board of ONGC has approved investment of Rs 429.82 crore for development of G-1 and GS-15 fields located in Bay of Bengal, approximately 5-10 km off the Amlapuram coast.
Oil and gas production is estimated to be approximately .704 tons of oil and 4.135 billion cubic meters of gas from the integrated development of the G-1 and GS-15 fields between 2006 - 2015, depending when the field comes on stream. The project is proposed to be completed within 24 months.
So far, nine exploration wells have been drilled in G-1 structure and eight exploration wells have been drilled on different culminations of GS-15 structures. Mostly likely ONGC would take up integrated development of the two fields as development of GS-15 on a standalone basis was unviable. The capital cost of GS-15 could be reduced by sharing the 14" well fluid line of G-1 which also operates at low pressure and is passing near the GS-15 fields. Also, execution of the projects of G-1 and GS-15 offshore constructions as a single unit will reduce the offshore construction cost significantly.
The G-1 structure is located in the Bay of Bengal, 20 kilometers off the Amlapuram coast in Krishna Godavari offshore basin at water depths of 267-300 meters. The field was discovered in 1979-80 with the drilling of first exploratory well G-1-1, which proved to be hydrocarbon bearing. So far, nine exploration wells have been drilled, of which five proved to be hydrocarbon bearing.
GS-15 prospects are located in shallow waters off Amalapuram coast in KG Basin, in water depths ranging from eight to 15 meters at a distance of 5-10 km from the coast. To date, eight exploratory wells have been drilled, of which three proved to be oil and gas bearing.
Operates 43 Offshore Rigs
Manages 8 Offshore Rigs
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