ONGC to spend $230 mln on Indian seismic data
Mon Jul 18, 2005
BOMBAY, July 18 (Reuters) - India's Oil and Natural Gas Corp. Ltd. (ONGC.BO: Quote, Profile, Research) will spend more than 10 billion rupees ($230 million) in 2005/06 on seismic data from 25 exploration blocks off India's coasts, a senior official said on Monday.
In one of the world's biggest seismic data acquisition programmes, ONGC will shoot 3D seismic data across 24,597-sq km and 2D seismic data across 8,376 line kms off India's east and west coasts. The data provides clues for hydrocarbon exploration.
Seismic contractors in the fray for the work are France's Compagnie Generale de Geophysique (GEPH.PA: Quote, Profile, Research), the Netherland's Fugro NV (FUGRc.AS: Quote, Profile, Research), Petroleum Geo-Services ASA (PGS.OL: Quote, Profile, Research) and Multiwave Geophysical ASA of Norway, U.S. Schlumberger Ltd.-backed WesternGeco (SLB.N: Quote, Profile, Research), and Geoseas Technologies Ltd. -- majority-owned by Malaysia's Petra Perdana Bhd (PTRD.KL: Quote, Profile, Research).
"We expect to spend more than 10 billion rupees in the current season as the volume of the work has more than doubled compared to last year's programme," said the official, who did not wish to named.
The 25 exploration blocks are spread across the Kerala-Konkan and Cambay basins off the west coast and Krishna-Godavari and Mahanadi basins off the east coast.
ONGC issued tenders last year to acquire 12,946 sq kms of 3D seismic data and 6,700-line km of 2D seismic data but could not get the work completed because the contracts were awarded late.
Contracts this year will be given in the next two months so that work can start from October, the official said.
© Reuters 2005. All Rights Reserved.