• Ratna and R-series fields to be developed by ONGC after a delay of 20 years

    The board of state owned behemoth Oil and Natural Gas Corporation Limited (ONGC) last month approved the development of R-series fields with a capital cost of Rs 4,104.63 crore, petroleum minister Dharmendra Pradhan informed Rajyasabha.

    A Comptroller & Auditor General (CAG) report of 2015 had observed that keeping the discovered R-series fields idle without assigning production rights had led to a deferment of domestic production of crude oil and natural gas from the fields to the tune of Rs 26,200 crore. Production from these fields is targeted to start in 2019 with an output of 10,000 barrels per day initially. The Ratna and R-series oil fields hold an estimated 87 million barrels of oil and 1.2 billion cubic meters of gas reserves.

    The Ratna and R-series fields are medium-sized fields, located in the western offshore on the south west of Mumbai. ONGC had originally discovered these fields and created facilities in Ratna R-12, which is a part of Ratna and R-series, at a cost of Rs 472 crore. These facilities were used by the state-owned ONGC for production since 1983 before production was stopped in September 1994 after which the field was put up for auctions by the then PV Narasimha Rao led congress government.

    Subsequently these fields were awarded to a consortium led by Essar oil in 1996. However, production sharing contract (PSC) for the fields could not be finalized due to differences of rates of royalty and other issues.

    In March 2016, the Union cabinet chaired by PM Modi approved the cancellation of the letter of award given to the consortium led by Essar Oil Limited in 1996 and decided to revert the Ratna and R-series fields to ONGC. Vince Carter Womens Jersey

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