Financial Daily from THE HINDU group of publications
Saturday, Jul 09, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 09, 2005 |
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Corporate
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New Projects ONGC keen on coal bed methane projects — Shortlists 8 companies for final bidding Pratim Ranjan Bose
Kolkata , July 8 SETBACKS notwithstanding, ONGC is going strong with its coal bed methane exploration (CBM), development and production projects. The company has short listed eight drilling companies for taking part in the final bidding for exploratory and development drilling in four blocks in Jharkhand. As per the new production plan, ONGC will be producing three-lakh cubic metre of CBM per day in three years. Among the global majors short-listed for final bidding, four most prominent parties were Weatherford International of France, Schlumberger Asia, Mitchell Drilling Contractors of Australia and Gardes Energy Services Inc of Canada. All four have adequate experience of working on CBM fields. Two Indian drilling companies, Shiv-Bani Oil and Gas Exploration Services and Mineral Exploration Corporation Ltd, a PSU, figured among the eight shortlisted for final bidding which is expected to be over by October. This is ONGC's second attempt to start exploration and development drilling for CBM. The first attempt to offer turnkey exploration, development and production contracts, made in mid 2004, failed due to inadequate response during final bidding. According to sources, ONGC intends to offer the two-part contract (including both exploratory and development drilling) to one company. Though the drilling companies asked for at least six months before taking part in the final bid, ONGC was hopeful to award the contract in a period of three months. The development drilling will take place in the proven CBM field at Jharia spreading over six square km. A total of 14 multilateral and horizontal wells will be drilled in this field for production of three lakh cubic metre of gas every day within next three years. A total of 22 exploratory wells will be drilled in CBM Policy - blocks at North Karanpura and Bokaro. ONGC holds both the blocks in 80:20 equity partnership with Indian Oil. The company holds a total of nine blocks in the country including five in Jharkhand, and one each in Bengal, Madhya Pradesh, Maharashtra and Gujarat.
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