Ratna and R-Series is a conventional oil development located in shallow water in India and is operated by Oil and Natural Gas. Discovered in 1979, Ratna and R-Series lies in block Ratna & R-Series, with water depth of around 984 feet.
The project is currently in construction stage and is expected to start commercial production in 2022. Final investment decision (FID) of the project was approved in 2017. The development cost is expected to be $598 m.
Field participation details
The field is owned by Oil and Natural Gas.
Production from Ratna and R-Series
Production from the Ratna and R-Series conventional oil development project is expected to begin in 2022 and is forecast to peak in 2024, to approximately 14,367 bpd of crude oil and condensate and 8 Mmcfd of natural gas. Based on economic assumptions, the production will continue until the field reaches its economic limit in 2063.
Remaining recoverable reserves
The field is expected to recover 85.55 Mmboe, comprised of 77.94 Mmbbl of crude oil & condensate and 45.67 bcf of natural gas reserves.
Contractors involved in the Ratna and R-Series conventional oil field
The key contractors involved in the Ratna and R-Series project as follows.
Main EPC: National Marine Dredging
About Oil and Natural Gas
Oil and Natural Gas Corp Ltd (ONGC) is an integrated energy company operating along the hydrocarbon value chain. It discovers, produces, refines and markets oil and gas, and also manufactures petrochemicals. ONGC also carries out power generation and has considerable renewable energy operations. The company carries out refining operations through Mangalore Refinery and Petrochemicals Ltd and Hindustan Petroleum Corporation Ltd. It sells products to oil refining and gas marketing companies. In addition, the company conducts overseas operations through its subsidiary, ONGC Videsh Ltd (OVL). It has operations in Latin America, the Middle East and Africa, Asia-Pacific, and Europe. ONGC is headquartered in New Delhi, India.
Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.