DEHRUDAN, India --ONGC's board of directors has approved spending of its share of the $329-million Hydra project under the Panna Mukta Joint Venture. ONGC will contribute $131.6 million of the total.
The project calls for intalling two well head platforms and associated pipelines, plus the drilling of nine wells. These additional facilities will give recovery of 14.50 MMbbls of oil and 21.39 bcf of gas from the PK and SWP areas of Panna feld over period of 11 years.
Panna-Mukta field is operated by Joint Venture of ONGC (40%), RIL (30%), and British Gas Exploration and Production India Ltd (BGEPIL) (30%).
In other news, the board also noted offshore discoveries in 2008 at SB-15 and Charali 36 in the western offshore basin.