Oil and Natural Gas Corporation (ONGC) has inked a memorandum of understanding (MoU) with Reliance Industries (RIL) to explore the possibility of sharing the latter’s infrastructural facility in the East Coast. The MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms.
This shall not only minimize ONGC’s initial Capex but also expedite its field development resulting in early monetization of its deep water fields adjacent to the fields of RIL. The companies intend to enter into a formal agreement after conducting a joint study which will be spread over the next nine months.
ONGC, the country’s largest oil & gas producer, has drawn a roadmap to make substantial investment over a period of next five years both in exploration & developmental activities, and deepwater exploration and development constitutes a major component of the same. Under this plan, ONGC has a conservative estimate to produce about 6 to 9 MMSCMD of gas by mid-2017 from G-4, KG-DWN - D & E fields in the first phase.
This shall not only minimize ONGC’s initial Capex but also expedite its field development resulting in early monetization of its deep water fields adjacent to the fields of RIL. The companies intend to enter into a formal agreement after conducting a joint study which will be spread over the next nine months.
ONGC, the country’s largest oil & gas producer, has drawn a roadmap to make substantial investment over a period of next five years both in exploration & developmental activities, and deepwater exploration and development constitutes a major component of the same. Under this plan, ONGC has a conservative estimate to produce about 6 to 9 MMSCMD of gas by mid-2017 from G-4, KG-DWN - D & E fields in the first phase.
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