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ONGC Signs Service Contract for Development of Offshore Marginal Fields for Monetization of marginal Fields

New Delhi September 27, 2006

Asia’s Best Oil & Gas Company, Oil and Natural Gas Corporation Ltd. (ONGC) has entered into a service contract for development of three Offshore Marginal Fields with the consortium of Prize Petroleum Company Ltd (Prize), Hindustan Petroleum Corporation Ltd. (HPCL) and Trenergy (Malaysia).

Development of Marginal Fields is one of the strategic business pursuits of ONGC, for increasing production by unlocking small pools of discovered hydrocarbon reserves. ONGC has identified 153 Marginal Fields for the purpose.

A capital investment of about US$166 million and operational expenditure of US$ 313 million have been planned by the consortium, for the development of all the fields in the cluster. 13 wells are to be drilled during assessment period of three years from two platforms. The envisaged peak oil production is 18865 bopd and gas 0.887 MMm3/day with cumulative oil production of 46.42 MMbbl and gas production of 2.7 BCM.

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