ONGC (Oil and Natural Gas Corporation) has plans of investing Rs 7,300 crore to develop 5 projects which include an investment of Rs 4,100 crore for Ratna R-Series fields.
In 1996, development of Ratna and R-Series field contracts were awarded by the government to a private consortium led by Essar however the contract couldn’t be concluded for years. This prompted the government to give the project back to ONGC which had actually discovered the field.
Production from these fields may start from 2018-19 according to ONGC and a year later, it may touch a peak production of 14,583 barrels of oil per day. During the project life, a cumulative production of 1.7 billion cubic meters of gas and 8.4 million metric tonnes of oil is expected.
The project will consist of drilling and completion of thirty one wells along with installation of 5 new well platforms and revival of 1 platform. The gas and oil will be evacuated through existing Heera Process Complex. Project completion is expected to be achieved by May, 2021.
ONGC board has approved an investment of Rs 1162 crore for re-development of the Santhal field in North Gujarat which is expected to result in incremental production of crude oil of 3.4 million tonnes by 2029-30.