State-owned Oil and Natural Gas Corp (ONGC) will in 2019 begin producing oil from the Ratna and R-Series oilfield in Mumbai offshore, which it won back after the government cancelled award to Essar Oil.
“We are working on a development plan and investment approvals will be sought in a month’s time,” ONGC Director (Offshore) Tapas Kumar Sengupta said.Production form the fields is targeted to start in 2019 with an output of 10,000 barrels per day initially, he said.
ONGC had discovered the fields and created facilities in Ratna R-12, which is part of R&RS, at a cost of Rs 472.55 crore. These facilities were used by the company for production since 1983 before production was stopped in September 1994 after the field was put up for auction, he said.
These facilities have been deteriorating as a result of ‘plundering and looting’ of platform utilities and equipment. The estimated repair cost for the existing facilities would be Rs 1,085.70 crore. “We have to build the infrastructure afresh,” Sengupta said.