NEW DELHI: State-run Oil & Natural Gas Corp (ONGC) will invest Rs 4,051 crore to rebuild old offshore facilities in the Arabian Sea.
The PSU also announced three "significant" oil and gas discoveries; two in the prolific Krishna-Godavari basin and one in Tripura. But their commerciality would be determined only after proper appraisal, ONGCBSE -0.65 % said in a statement.
ONGC will invest Rs 2,913 crore to refurbish platforms in the Mumbai High, Neelam and Heera oil and gas fields. About Rs 1,138 crore will be spent on reconstruction of process complexes in prolific Bassein & Satellite fields, the company said.
"The existing infrastructural facilities would be required to be in service beyond 2030 for western offshore fields, which is much more than the design life of these facilities. Hence revamping/retrofitting of these facilities in a phased manner is essential to maintain the production of oil and gas from Mumbai High and Heera fields," it said. The project will be completed by pre-monsoon 2016.
It has also decided to reconstruct Bassein & Satellite field's infrastructure because existing facilities are about 25 years old and exhausted their normal design life, it said.