TotalFina keen to invest in Bombay High oil field

TotalFina keen to invest in Bombay High oil field
AGENCIES

NEW Delhi, DECEMBER 12: French oil group TotalFina is keen to take part in India's Bombay High oilfield operations and other deepwater explorations."Total is willing to provide its technical assistance and also other services to ONGC to help it increase its reservoir yield in Bombay High," J C Berton, TotalFina's chief representative in India said.

India's Oil and Natural Gas Corp is planning to spend about $1.5 billion on its Bombay High offshore oilfields to boost the recovery rate to about 40 per cent from 26 to 28 per cent at present.

ONGC produces 12.5 million tonnes of crude oil annually, including condensate, and 12 million cubic metres of gas per day at the Bombay High offshore field.

The French oil group was also interested in ONGC's deepwater explorations, Berton added. "Total is interested in exploring the deepwater blocks in the country and would also like to participate in development of ONGC's Bombay High basin as well as Krishna Godavari basin," he was quoted as saying.ONGC struck oil inAugust in the deep water Krishna Godavari basin in the Bay of Bengal on the east coast which has a flow of 3,600 barrels of crude per day.

TotalFina has already informed ONGC of its interest in participating in these oil wells, Berton said, but the state-owned firm had yet to respond."Total wants to be a significant player in India and funds are not a constraint. We want to go for exploratory blocks in India which are large and have bigger yields," he said.

TotalFina did not bid for any of the 27 oil blocks offered by the government under New Exploration and Licensing Policy (NELP) earlier in the year, Berton said.

TotalFina has also told state-owned Oil India Ltd (OIL) it was willing to partner the firm in some of its exploratory wells in north-eastern India and other on-shore blocks, Berton was quoted as saying.