New Delhi, Sep 27 (IANS) State-owned Oil and Natural Gas Corporation (ONGC) Wednesday awarded three small offshore fields for development to a consortium led by Prize Petroleum Company Ltd - the exploration arm of state-run Hindustan Petroleum Corporation Ltd (HPCL).
The other partner in the consortium is Malaysia's Trenergy, a floating production storage and offloading operator.
ONGC chairman and managing director R.S. Sharma said that the service contracts for the three fields were awarded on the basis of competitive bidding.
These fields under Cluster-7 (B-192, B-45 and WO-24), southwest of ONGC's Mumbai High field, will see 'a capital investment of about $166 million and operational expenditure of $313 million', he said.
Their envisaged peak production is 18,865 barrels oil per day and 0.887 million cubic metres of gas per day with the cumulative oil production of 46.42 million barrels and gas production of 2.7 BCM.
Marginal fields have low oil and gas reserves and need low capital cost and overheads.
The marginal fields across the world contribute around 40 percent of total oil produced.
Seeking to increase production by unlocking small pools of discovered oil and gas reserves, ONGC has identified 153 marginal fields out of which 38 have been tapped.