India’s Oil and Natural Gas Corp (ONGC) is to invest Rs2,060 crore ($402m) in the B-127 oil and gas field, offshore Mumbai.
The company’s board has approved the integrated development of the B-127 cluster, along with the additional development of the B-55 field.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The B-127 cluster comprises three marginal fields: B-127, B-157 and B-59, and is located east of the Mumbai High field, with significant hydrocarbon accumulations in multi-layered reservoirs within the Bassein and Panna formations.
ONGC has in-place hydrocarbons of 24.6 million tonnes of oil and oil equivalent gas, of which 15.35 million tonnes in major pools is being considered for development.
The B-127 cluster development has an estimated cumulative production of 1.836 billion tonnes of oil and 2.093 billion cubic metres of gas over a ten-year period.
Furthermore, the additional development of B-55 envisages a production rate of 155,000t of oil and 2.583 billion cubic meters of gas over 13 years.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe B-55 field lies north-east of the Mumbai High field.
The B-127 field has been in production since November 1999, and produces 2.05 million standard cubic meters of hydrocarbons per day from nine wells.
On testing, exploratory well B-55-5 is producing gas from the Mukta formation, thus leading to its need for further development.
ONGC said the proposal that the board cleared on 1 December 2011 is for an integrated development of the B-127 cluster, with additional development of the B-55 field at an estimated cost of Rs2,059.63 crore.
Production from the B-127 cluster will begin in May 2014, according to economictimes.com.
Caption: ONGC will invest in the B-127 oil and gas field, which is said to have significant hydrocarbon accumulations.
