Larsen & Toubro secures $318M worth oil and gas contracts

L&T Hydrocarbon Engineering Limited (LTHE), a subsidiary of Larsen & Toubro, has secured new orders in the offshore and onshore segments worth 1,920 crore ($318.8 million) from India’s oil and gas majors.

An offshore contract valued at `1,340 crore from the Oil & Natural Gas Corporation (ONGC), won against international competitive bidding, includes engineering, procurement, construction and installation of five wellhead platforms at the Mumbai High North field offshore India.

The project, part of ONGC’s strategy to re-develop Phase-III of Mumbai High North field to enhance production from existing reservoirs, is scheduled to be completed by March, 2016. In the onshore segment LTHE has secured a contract valued at approximately `580 crore from a leading company engaged in hydrocarbon downstream processing.

LTHE will carry out engineering, procurement and construction of a dual service cryogenic storage tank facility, suitable for liquid ethane and liquefied natural gas and engineering work for the balance of the facilities to be installed at the client’s manufacturing complex.

Larsen & Toubro is a major Indian multinational in technology, engineering, construction, manufacturing and financial services, with global operations.