ONGC approves redevelopment plan

MUMBAI, August 13, 2015 – Indian state-owned exploration and production company Oil & Natural Gas Corporation (ONGC) announced Thursday that its board had approved a development plan for the GK-28/42 field as part of its Neelam field redevelopment project.

The Rs28.3-billion ($435-million) plan, scheduled for completion in March 2023, will consist of a 27-well drilling programme, including 14 production wells and 13 sidetrack wells. Also included in the project scope will be the installation of three platforms, three clamp-on facilities and associated pipelines to be completed by August 2018.

ONGC is targeting an annual production increase of 4.79 bcm (169 bcf) and 20.3 million barrels of oil at GK-28/42 by fiscal year 2034/35 (April-March).

The plan approval comes amid further announcements that ONGC’s net profit for the first quarter of 2015 had increased 14 percent from the same period the previous year, totalling Rs54.6 billion ($840 million). The company’s net sales were also up 4.4 percent, hitting Rs227 billion ($3.49 billion).

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