ONGC starts gas production at North Tapti offshore gas field

Oil & Natural Gas Corporation (ONGC) has begun commercial production of gas from the North Tapti offshore marginal gas field. Early this month it has connected three wells of North Tapti to the Cairn-operated CB-OS/2 joint venture in Cambay Basin in Gujarat, for processing.

The company aims current flow of 15-20 million standard cubic feet a day (mscmd) from this gas field. The Rs 580-crore project is expected to reach a peak production level of 1.8 mscmd.

On the standalone basis, the company has posted a rise of 102.24% in its net profit at Rs 5644.38 crore for the quarter ended March 31, 2012 as compared to Rs 2790.86 crore for the same quarter in the previous year.  Total income has increased by 21.80% at Rs 20,332.90 crore for quarter under review as compared to Rs 16,693.48 crore for the quarter ended March 31, 2011.