ONGC approves Cairn's raising Bhagyam field cost to $608m

New Delhi: State-owned Oil and Natural Gas Corp has approved its partner Cairn India's raising the cost of developing the second biggest oilfield in the prolific Rajasthan block by 30% to $ 608 million.Cairn India
ongc approves cairn s raising bhagyam field cost...
PTI 23 Mar 2014, 09:31 PM IST
New Delhi: State-owned Oil and Natural Gas Corp has approved its partner Cairn India's raising the cost of developing the second biggest oilfield in the prolific Rajasthan block by 30% to $ 608 million.

Cairn India has revised field development plan of the Bhagyam field in the Rajasthan block by raising the capex required from $ 469.6 million to $ 607.97 million.

The Board of ONGC has approved the revised cost, sources privy to the development said.

Originally, Cairn, which is the operator of the Rajasthan block with 70% interest, had in October 2009 pegged the Bhagyam field development cost at $ 526.1 million.

Later, with a view to expediting the project implementation, it optimised the field development plan (FDP) in August 2010, bringing it down to $ 469.6 million.

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