ONGC approves $863M investment for Daman offshore project
India’s largest oil company ONGC will be investing Rs. 5219 crore ($863 million) in the Daman Development project to enhance production of Natural Gas and Condensate in its Tapti Daman Block in Arabian Sea, offshore India.
The investment decision has been approved by the ONGC Board last week. The project is located about 90-100 km from Daman coast and includes additional development of C-24 field and monetization of B-12 marginal fields (B-12-11, B-12-13 and B-12-15).
The production is expected by July 2016 with peak production rate of 8.35 MMSCMD of gas and 9,286 barrels of condensate per day.
The cumulative production till 2034-35 is pegged at 27.67 Billion Cubic Meters (BCM) of gas and 5.01 Million Cubic Meters (MMm3) of condensate. The gas and condensate will be evacuated to Hazira through Tapti Process facilities of Tapti-JV.
The project envisages installation of seven Well Head Platforms, one riser Platform with associated pipelines and drilling of 28 wells. The project is scheduled for completion by pre-monsoon season 2019.
Coming close on the heels of the Mumbai High South Redevelopment project (Phase-3) approved in the last Board meeting earlier this month for Rs. 5,813 crore, this approval flags the oil major’s aggressive investment posture to ramp up production from the Western Offshore.