Financial Daily from THE HINDU group of publications
Thursday, May 11, 2006
Financial Daily from THE HINDU group of publications Thursday, May 11, 2006 |
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Corporate
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New Projects Industry & Economy - Petroleum ONGC to award CBM project to MEC consortium Our Bureau
Kolkata , May 10 The board of directors of ONGC has allowed the company to award a Rs 950-crore integrated contract for exploration and development of coal bed methane (CBM) in six blocks in Jharkhand and West Bengal to a consortium of Mineral Exploration Corporation Ltd, Shivani Oil and Gas Exploration Services Ltd, and Express Drilling Services. The project is slated to begin in three months. The project targets a peak production of 7.5 lakh cubic metre CBM a day. Roughly half of the production capacity is scheduled to be commissioned in the central Parbatpur area of Jharia block as early as June 2007.
Jointly owned
A nomination block, Jharia, is held jointly by ONGC (74 per cent) and Coal India Ltd (26 per cent). The other blocks included in the latest contract are nomination block Raniganj (ONGC 90 per cent, CIL 10 per cent) in West Bengal; CBM Policy-I blocks Bokaro (ONGC 80 per cent, IOC 20 per cent) and North Karanpura (ONGC 80 per cent, IOC 20 per cent), and CBM Policy-II blocks South Karanpura (ONGC 100 per cent) and North Karanpura-West (ONGC 100 per cent) in Jharkhand. Apart from Jharia, ONGC has identified proven reserves in Bokaro block. Three other CBM blocks controlled by the company at Barmer-Sanchor in Gujarat, Satpura in Madhya Pradesh, and Wardha in Maharashtra, are excluded from the scope of the latest project.
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