ONGC Board approves Rs 600 cr investment proposal

State-owned Oil and Natural Gas Corp (ONGC) today said its board has approved an investment of Rs 600 crore for development of Western Periphery oil and gas deposits off the west coast.
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Apr 26, 2012, 12.07 PM | Source: PTI

ONGC Board approves Rs 600 cr investment proposal

State-owned Oil and Natural Gas Corp (ONGC) today said its board has approved an investment of Rs 600 crore for development of Western Periphery oil and gas deposits off the west coast.

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ONGC Board approves Rs 600 cr investment proposal

State-owned Oil and Natural Gas Corp (ONGC) today said its board has approved an investment of Rs 600 crore for development of Western Periphery oil and gas deposits off the west coast.

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State-owned Oil and Natural Gas Corp (ONGC) today said its board has approved an investment of Rs 600 crore for development of Western Periphery oil and gas deposits off the west coast.

The Board in its meeting today "approved investment proposal for Development of Western Periphery as a part of Mumbai High South Field, Phase III Redevelopment, at an estimated cost of Rs 600.17 crore," the company said in a statement here.

The project, scheduled to be completed by December 2014, is expected to result in incremental production of 1.031 million tonnes of oil and 213.817 million cubic meters of gas by March 2030. "The project envisages installation of one 12 slot four-legged unmanned platform, drilling of 10 wells and associated modifications and pipelines for well fluid, gas lift and water injection," it said.

Mumbai High South field's Phase-I redevelopment project, which was completed in 2007, helped significantly arrest the decline in production and increased it from level of 131,400 barrels per day (bpd) in June 2001 to 173,000 bpd by beginning of 2007. The phase-II which was launched after the completion of Phase-I to further improve the recovery factor is in advance stage of completion and is expected to improve oil recovery to 34.5% by March 2030.

ONGC said four new discoveries have been notified to the authorities. Exploration well Phulani-1 in Merapani block of Assam and Assam Arakan basin found oil. The well Phulani prospect is situated at a distance of about 20 km south-east of Golaghat town in Golaghat district of Assam.

Also, oil and gas was found in an exploration well on Advipalem-Poonamanda block in Krishna Godavari basin, 20 km south of Amalapuram town in East Godavari district of Andhra Pradesh. ONGC said it also found gas in a L-II block in Cauvery onland basin and in BOFF-1,2,3 blok in western offshore basin.

ONGC stock price

On May 24, 2016, Oil and Natural Gas Corporation closed at Rs 206.65, down Rs 1.65, or 0.79 percent. The 52-week high of the share was Rs 337.15 and the 52-week low was Rs 188.00.


The company's trailing 12-month (TTM) EPS was at Rs 18.14 per share as per the quarter ended December 2015. The stock's price-to-earnings (P/E) ratio was 11.39. The latest book value of the company is Rs 169.02 per share. At current value, the price-to-book value of the company is 1.22.

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