Mumbai: State-run Oil and Natural Corporation (ONGC) will invest about Rs9,000 crore over the next 3-4 years to enhance oil and gas output as part of phase II redevelopment of its Mumbai High field on India’s Western Offshore.
“Phase II redevelopment of Mumbai High is going on. About Rs9,000 crore will be pumped into it over the next 3-4 years. It is a long-term programme,” ONGC director (Offshore) Sudhir Vasudeva told reporters on the sidelines of a conference here.
The board of directors of ONGC has approved the phase II redevelopment of Mumbai High South and Mumbai High North.
ONGC had injected Rs8,000 crore in phase I redevelopment of two-decade old Mumbai High field to raise declining output, Vasudeva said.
Mumbai High reached its peak output level in 1989 with 20 mmtpa production and there is no way one can go back to peak-levels, he said.
Mumbai High and its adjoining fields normally produce 12.8 million standard cubic metres of gas per day (mmscmd).
By fiscal 2040, ONGC aims to improve recovery of existing in-place oil and gas reserves in Mumbai High by 40%.
The explorer currently has in-place reserves of 1,659 million tonnes, Vasudeva said.
“Plans are already on the drawing board to take ultimate recovery to 40% (adding another 663.6 million tonnes),” he said.