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The ONGC board has approved an investment proposal of Rs 600.17 crore for developing western periphery in Mumbai High South. This is as a part of phase III redevelopment of the field.
The project, according to the company, is scheduled to be completed by December 2014. It will result in incremental oil production of 1.031 million tonne and 213.817 million cubic metre of gas by March 2030.
The company had completed phase-I of the redevelopment project in 2007. This had helped significantly in arresting the decline in production and increased it from 1,31,400 barrels of oil per day in June 2001 to 1,73,000 barrels of oil per day by the beginning of 2007.
The phase-II, which was launched after the completion of phase-I to further improve the recovery factor, is in advance stage of completion and is expected to improve oil recovery to 34.5 per cent by March 2030.
At its board meeting here on Wednesday, ONGC also notified four new discoveries at Phulani near Golaghat town in Assam, Koravaka situated near East Godavari district of Andhra Pradesh, North Kovilkalappal near Thiruvarur district of Tamil Nadu and one in western offshore basin.
These discoveries are in the nominated blocks.
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