By an OGJ Online Correspondent
MUMBAI, May 8 -- India's Oil and Natural Gas Corp. will invest more than 100 billion rupees ($2.1 billion) in an enhanced oil recovery program during the current fiscal year, said ONGC Chairman and Managing Director B.C. Bora.
The company will undertake EOR work on 15 oil fields.
ONGC has already begun implementation of the 50 billion-rupee first phase of the Bombay High redevelopment program. ONGC plans to spend $1.5 billion over 3 years on Bombay High (OGJ, June 19, 2000, p. 62).
While redevelopment of Bombay High North began in January this year, the 25 billion-rupee revival plan for Bombay High South will be taken up later this month.
The oil field, which is suffering from "mid-life crisis," said Bora, has seen steadily declining output over the last few years. It has reserves of about 1.6 billion tonnes of oil equivalent.
"Another 40 billion rupees will be invested in improved oil recovery for major oil fields across the country," Bora added.
ONGC will this month repay a $180 million foreign loan to bring down its debt level to around $700 million. The repayment will reduce foreign exchange exposure and debt service cost, a senior company official said.