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ONGC develops 2 projects

ONGC develops 2 projects

Oil And Natural Gas Corporation (ONGC) currently has two projects under development namely Carabobo 1, in Venezuela, which is likely to commence early production by end of 2012-13 and Blocks A1 & A3 in Myanmar, which are likely to commence production in July 2013.

The company’s overseas subsidiary ONGC Videsh (OVL) continues to pursue its objective of acquiring oil and gas equity abroad for energy security of the country and envisioned to accelerate the acquisition of oil & gas properties overseas to supplement the domestic crude oil and natural gas production, ONGC said in a statement.

OVL signed definitive agreements in September 2012 for the acquisition of Hess Corporation’s 2.72 percent participating interest in the Azeri, Chirag and the Deep Water Portion of Guneshli Fields in the Azerbaijan sector of the Caspian Sea ("ACG") and 2.36 percent interest in the Baku-Tbilisi-Ceyhan Pipeline ("BTC") for a consideration of $ 1001 million.The acquisition would bring 9 percent additional proved reserves to OVL portfolio and daily oil production of about 19,000 barrels.

OVL started production of gas in Lan Do field in Block 06.1, Vietnam from 7th October 2012. This shall create additional production capacity of 0.20BCM (OVL Share) (17 percent increase) from the block, the statement said.

Meanwhile, it is learnt that the Vadodara unit of the company plans to engage a contractor for provision Of MCB Distribution Board.

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