ONGC is in talks to buy Videocon’s 10 per cent stake in a giant gas field off Mozambique and plans to ship the fuel in liquid form to a proposed LNG (liquefied natural gas) terminal at Mangalore, Chairman Sudhir Vasudeva said here on Wednesday.
Talking to newsmen on the sidelines of a function here, Mr. Vasudeva said, “We will be signing a memorandum of understanding with Bharat Petroleum Corporation for looking into the feasibility of setting up the LNG terminal at Mangalore.’’ . The proposed LNG terminal will include Mitsui of Japan as partner, he added.
Meanwhile, Mr. Vasudeva said the Rs.8,000-crore development plan of the western offshore B-193 cluster fields, developed in assistance with Singapore-based Swiber Holdings, would be completed this year and would add another 28,000 barrels a day of oil production
Terming it as a milestone for offshore exploration and development, Mr. Vasudeva said it was for the first time that the float over installation method had been used in India with Swiber installing a 13,000-tonne platform at the B-193 field in the Arabian Sea, saving around $70-100 million in costs.
Raymond Goh Executive Chairman of Swiber Holdings, said the 13,000-tonne steel structure, which would process oil and gas produced from the marginal fields before pumping it to shore, was erected using floating barges. “The successful execution and completion of B-193, which marks the first time that any company has used the float over method for offshore field development in India, is a testament to Swiber's excellent engineering capabilities and asset strength,’’ Mr. Goh added.
Keywords: Mozambique gas field, ONGC, LNG terminal
more PSU companies should go acquire Outside resources . Such that it
should Be s good acquisitions. not a waste of TAX payers Money
Acquisition and investment in Oil and Gas Resources are good steps for ONGC provided they are done in an economically sensible way. There is a tendancy for ONGC & Vedehi ONGC to invest in wrong projects or overpay them resulting in loss to the Government and people of India. Capability to negotiate with all the facts and future prospect is a good quality.
ONGC is making a mistake by buying a private party's investment in Mozambique. ONGC is going in the way of Air India.
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