India markets closed
  • BSE SENSEX

    48,803.68
    +259.62 (+0.53%)
     
  • Nifty 50

    14,581.45
    +76.65 (+0.53%)
     
  • Dow

    33,730.89
    +53.62 (+0.16%)
     
  • Nasdaq

    13,857.84
    -138.26 (-0.99%)
     
  • BTC-INR

    4,690,269.00
    -122,244.50 (-2.54%)
     
  • CMC Crypto 200

    1,362.65
    -13.13 (-0.95%)
     
  • Hang Seng

    28,793.14
    -107.69 (-0.37%)
     
  • Nikkei

    29,642.69
    +21.70 (+0.07%)
     
  • EUR/INR

    89.8528
    -0.0899 (-0.10%)
     
  • GBP/INR

    103.4553
    +0.0595 (+0.06%)
     
  • AED/INR

    20.3590
    -0.0300 (-0.15%)
     
  • INR/JPY

    1.4460
    -0.0026 (-0.18%)
     
  • SGD/INR

    56.2520
    +0.0590 (+0.10%)
     

ONGC awards contracts for developmental projects in East Coast

ANI
·1-min read
Oil and Natural Gas Corporation
Oil and Natural Gas Corporation

New Delhi [India], Oct 5 (ANI): Oil and Natural Gas Corporation's (ONGC) mega deepwater development initiative for the integrated development of KG-DWN-98/2 (Cluster-2) Project in East Coast of India took a leap forward with the award of a major work package - SPS + SURF (Subsea Production System + Subsea Umbilical, Risers & Flowlines) to a consortium of BHGE, McDermott and L&T hydrocarbon on October 1 against a cost of Rs. 11,740.86 Crore.

This tender is one of the biggest integrated (SPS + SURF) tenders awarded globally in recent years.

The ONGC took a strategic decision of integrating hitherto separate work packages of SPS and SURF into a single integrated (SPS + SURF) work package tender. This will help to eliminate major interface issues among SPS and SURF packages, resulting in time and cost optimisation to the company.

Cluster-2 development will have water depths ranging from 350m to 1,400m and is one of the most capital intensive and technologically challenging projects in the East Coast of India. Total peak gas production rate from Cluster-2 is envisaged to be about 16 MMSCMD and peak oil production rate of 80,000 BPD.

ONGC envisages commencement of the first gas production by December 2019, first oil by March 2021 and overall project completion by August 2021. This project will also have a key contribution in fulfilling Prime Minister Narendra Modi's vision to achieve a 10 per cent reduction in import dependency on energy by 2022. (ANI)