India Development News & Foreign Investment Opportunities

ONGC signs up FPSO for Cluster-II field

Contract worth US$2.1bn

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Contract worth US$2.1bn

 

Bumi Armada.
FPSO for Kakinada field.

 

Oil and Natural Gas Corporation Limited (ONGC) is chartering a Floating Production, Storage and Offloading Vessel (FPSO) for the ONGC NELP Block DWN 98/2 Development Cluster-II field, located off the west coast of Kakinada

ONGC has given notice of charter hire to 30:70 joint venture between Malaysia’s Bumi Armada and India’s Shapoorji Pallonji Oil & Gas Private Limited of India (SPOGPL).

The nine-year contract is valued at approximately US$2.1 billion (approximately RM8.8 billion). ONGC has the option to extend the Contract for up to seven years, which would be for about US$655 million.

Bumi Armada Executive Director and Chief Executive Officer Leon Harland said: “The JV has been a very successful partnership, this being our third FPSO project together in India and fourth in total. fiinews.com

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