New Delhi: State-run ONGC Ltd is looking to appoint a technical service provider to enhance production of oil and gas from the Mumbai High field.
In a post on X (formerly Twitter) on Friday, the public sector oil and gas major said the service provider will be selected through an international competitive bidding process and interested entities must submit bids by 15 September.
ONGC effort to improve production
“The giant multi-layered Mumbai High field, which commenced production 48 years ago in 1976, is currently in its mature stage of production, and ONGC has implemented a number of schemes in this field to improve production.”
“Mumbai High is one of the prime assets of ONGC and significant upside is still to be unlocked here if ONGC applies best-in-class reservoir management technologies and adopt globally-best operational and management practices. As a custodian and operator of Mumbai High field, ONGC is keen to collaborate with a global ‘technical service provider’,” it said.
The service provider will initially be appointed for a period of 10 years, with the possibility of an extension for another five years, it added.
During the golden jubilee celebrations of the field in February, the company had said that Mumbai High has so far produced 527 million barrels of oil and 221 billion cubic meters of gas, accounting for around 70% of India’s domestic production to date.
ONGC also said that the service provider will have to conduct a thorough review of field performance, focusing on wells, reservoirs (including water injection), and facilities management (WRFM), and assist in implementing appropriate technological interventions to enhance production.
Additionally, integrated reservoir analysis and the development of a detailed work plan for field development will also fall within the scope of the project, it added. Eligible participants in the bidding process include international oil and gas majors with annual revenues exceeding $75 billion.
Formerly known as Bombay High, the field is located approximately 160 kilometers in the Arabian Sea. It was discovered in February 1974 by a joint Russian and Indian team aboard the seismic exploration vessel Academic Arkhangelsky while mapping the Gulf of Cambay. The field began production on May 21, 1976.
The announcement coincides with efforts by the central government and state-owned oil and gas companies to enhance India’s hydrocarbon production to lower import reliance.
In the fourth quarter of FY24, ONGC reported 78% increase in consolidated net profit at ₹11,526.53 crore, up from ₹6,478.23 crore a year ago. In FY24, the company made 11 discoveries, including six onshore and five offshore fields.
On Friday, the ONGC stock closed at ₹260.40 on the BSE, up 3.19% from its previous close.
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Published: 07 Jun 2024, 08:30 PM IST
