NEW DEHLI: India’s Oil and Natural Gas Corp. (ONGC) has approved the second phase of the Mumbai High North Redevelopment project.
‘The project is expected to yield incremental crude oil production of 17.354 million metric tonnes (137 million barrels) and 2.987 billion cubic meters (105.5 Bcf) of natural gas, around 20.34 million tonnes (160.7 million barrels) of oil equivalent, by March 2030.The total cost of the redevelopment project is RS. 7,133.39 crore (US$1.46 billion). The project is scheduled to be completed by September 2012.The first phase of the Mumbai High North Redevelopment was launched in October 2000 and completed in December 2006. The first phase saw 73 new wells and 10 sidetracks drilled. The second phase of redevelopment aims to drill 73 new wells and sidetrack 38 poorly producing wells.