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Lloyds List: Small fields equate to big opportunity for ONGC

OIL and Natural Gas Corp of India has set its sights on developing up to 28 small and marginal fields off the country's coast over the next three years.
ONGC is India's largest hydrocarbon producer and wants to take advantage of high prices by developing as many projects as possible in a fast track process.
'We are in the process of developing these 28 fields. We are assessing the feasibility of this project,' said ONGC's general manager Ramashish Rai.
'We hope to get approval and begin development activities by March this year,' added the head of new and marginal field developments.
ONGC hopes to get a minimum production of 5-8m tonnes of oil and 15-20m cu m of gas from these 28 fields, starting in 2008.
First ONGC needs to find partners to help develop these fields before it can progress with these plans, said a spokesperson. An early choice for a partner could be Shell, which signed a memorandum of understanding last week regarding co-operation in upstream and downstream projects.
ONGC is looking at a hub and spoke solution, that could involve a floating production system deployed on the Indian west coast, plus it is also looking at developing small fields off the east coast.
Meanwhile, ONGC is hoping to deploy a temporary replacement production system over the Bombay High field, where last year it lost a large production platform.
The state oil group expects to deploy a floating production system over the field by the end of March this year and to have production of 75,000 barrels per day through this unit by the end of June, said a spokesperson.

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