ONGC’s board shows green signal for renewal and developmental projects

ONGC’s board has approved sanctions for investment proposal for renewal of Lakwa and Lakhmani Surface Facilities in Assam. The mentioned project aims to re-engineer and revamp the surface facilities, which are more than 30-40 years old. The company’s board gave a green signal for first phase of investment of Rs 2465.15 crore for Group A project for surface installation and associated pipeline network of Lakwa and Lakhmani Fields and Moran CTF.

Similarly, the board has given nod for Project Hydra under Panna-Mukta JV. The board has given its approval for development of PK & South West Panna (SWP) Areas under Panna Mukta Joint Venture for $131.60 million.

Approval was also granted development Plan of PL Area under Panna-Mukta JV. The estimated cost of the project, including pre-development cost is UD$ 186.41 million.

Panna-Mukta field is being operated by Joint Venture (JV) between ONGC (40%), RIL (30%) and British Gas Exploration and Production India (BGEPIL) (30%).

The broad meeting was held on March 5, 2009.