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PM Modi Launches Multiple Oil and Gas Projects Worth $18 Billion

Last Updated on 02nd March 2024

The Prime Minister dedicated multiple oil and gas projects worth about USD 18 billion (INR 1.48 lakh crore). The projects are spread across the country in various states like Bihar, Haryana, Andhra Pradesh, Maharashtra, Punjab, Karnataka, and the KG Basin.

 

PM Modi Launches Multiple Oil and Gas Projects Worth $18 Billion

 

Prime Minister Narendra Modi flagged off tanker 'Swarna Sindhu' on Saturday, carrying the first parcel of crude oil from ONGC's recently commissioned Krishna Godavari deepwater project. 

 

Bihar received projects worth approximately USD 1.6 billion (INR 14,000 crore). This includes laying the foundation stone for the expansion of the Barauni Refinery, a project costing over USD 1.3 billion (INR 11,400 crore). Additionally, other projects were inaugurated, such as grid infrastructure at the Barauni Refinery and the extension of the Paradip-Haldia-Durgapur LPG pipeline to Patna and Muzaffarpur.

 

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Apart from this, the prime minister dedicated several other oil and gas projects across the country. These include:

 

  • Expansion of the Panipat Refinery & Petrochemical Complex in Haryana.
  • Construction of a 3G ethanol plant and catalyst plant at the Panipat Refinery.
  • Visakh Refinery Modernization Project (VRMP) in Andhra Pradesh.
  • City Gas Distribution Network project spanning the Fazilka, Ganganagar, and Hanumangarh districts of Punjab.
  • Establishment of a new POL depot in Gulbarga, Karnataka.
  • Mumbai High North Redevelopment Phase-IV in Maharashtra.

 

For further details about these projects, explore our oil and gas database.

 

Read: L&T Secures $300 Million EPC Contract For the Development of Oil and Gas Facilities in Middle-East

 

Details About Krishna Godavari Project

The Krishna Godavari deepwater project, developed with an investment of over USD 5 billion (INR 41,000 crore), is considered one of the most technologically complex projects in India's oil and gas industry. The project is expected to add 7% each to India's oil and gas production at its peak.

 

The offloading of crude onto 'Swarna Sindhu' was successfully carried out on February 27.

The ONGC's KG block KG-DWN-98/2, which started oil production in January, lies in Andhra offshore. The field is currently producing some 12,000–12,500 barrels of oil per day. The total envisaged peak gas production and oil production from the project are about 10 MMSCMD (million standard cubic meters per day) and 45,000 BOPD (barrels of oil per day), respectively.

 

The 'Swarna Sindhu' tanker is carrying the first parcel of crude oil from the recently commissioned project. The oil is produced using a floating production storage and offloading (FPSO) unit, Armada Sterling V, built and operated by Shapoorji Pallonji Energy Private Limited (SP Energy).

 

Read: QatarEnergy Announces the Award of $6 Billion EPC Contract For OilField Expansion

 

Armada Sterling V

 

PM Modi Launches Multiple Oil and Gas Projects Worth $18 Billion

 

The Armada Sterling V is a Floating Production, Storage, and Offloading (FPSO) vessel jointly owned by Shapoorji Pallonji Oil & Gas (SP O&G) and Malaysia's Bumi Armada. It is currently the largest FPSO in Indian waters.

  • Length: 332.95 meters (1,092.3 ft)
  • Width: 60 meters (196.9 feet)
  • Storage capacity: 800,000 barrels of oil
  • Processing capacity: 60,000 barrels of liquids and 3 million cubic meters of gas per day

 

FPSO Location

The FPSO unit is located offshore the Godavari River delta in the Bay of Bengal, about 22 kilometers off the coast of Andhra Pradesh, at a water depth of over 430 meters. 

 

Project Objective 

ONGC has stressed that the project is a key step in cutting India's dependency on crude and liquefied natural gas imports. This successful demonstration of the robustness and reliability of all FPSO systems firmly positions India on the global stage. Shapoorji Pallonji’s owned or operated assets currently contribute to over 20 percent of India’s total crude production.

 

Read: Top 7 Upcoming FPSO Projects in the World

 

Details About  Expansion of Barauni Refinery

One of the oldest refineries in the nation is the Barauni refinery in Begusarai, Bihar, India.

The project is estimated to cost USD 1.8 billion and is expected to be completed by 2025. The expansion will also enable the refinery to produce fuels meeting India's Bharat Stage (BS)-VI quality standards, which are the equivalent of Euro VI emission standards.

 

The expansion of the Barauni refinery is expected to have a number of benefits, including:

  • Increased production of BS-VI compliant fuels, which will help to improve air quality in India
  • Creation of new jobs in the region
  • Boost to the local economy
  • Reduced dependence on imported crude oil

 

Read:  Upstream, Midstream, and Downstream Explained | Oil & Gas

 

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