Business Daily from THE HINDU group of publications
Saturday, Feb 09, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Saturday, Feb 09, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Petroleum
The company has 165 marginal fields, of which 63 are monetised, 71 are in the process of being monetised, and 31 to be monetised. Richa Mishra New Delhi, Feb. 8 ONGC is planning to offer 22 marginal fields, mainly onshore, during the current calendar year for development by service contractors. Development of marginal fields is one of the strategic business pursuits of ONGC for increasing production by unlocking small pools of discovered hydrocarbon reserves. Of these 22 fields to be put on offer, four fields are those which had been contracted out by the company earlier. However, since no development work had taken place, the company is planning to withdraw these fields from the contractors and put them on offer again, a senior ONGC official said. The company plans to put the 22 fields on offer once the new fiscal regime for the marginal fields is in place, he told Business Line. A committee constituted by the Petroleum Ministry has been working on putting in place a new fiscal package for development of marginal fields, which would result in offering attractive fiscal packages for the service contractors. Under the current dispensation, the company enters into service contracts with companies having expertise in development of marginal fields through a bidding process. The company has 165 marginal fields, of which 63 are monetised, 71 are in the process of being monetised, and 31 to be monetised. Last year ONGC had entered into service contracts for development of 14 onshore marginal fields. Simultaneously, ONGC is continuing its efforts to develop new and marginal fields through in-house efforts, both in offshore and onshore. In September 2002, ONGC decided to outsource the development of onshore marginal fields in phases. A substantial amount of hydrocarbon is locked up in new and marginal fields of ONGC. The fields are considered marginal as they have lesser quantity of in-place hydrocarbons, distributed in several layers, with limited extent and are located far from existing infrastructure facilities. More Stories on : Petroleum | Oil & Natural Gas Corporation Ltd
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