The Vashistha and S1 fields are located 30-35 km off the Amalapuram coast in the KG Basin, off the East Coast at water depths of 250 to 700 meters.
State-owned Oil and Natural Gas Corp ( ONGC ) has awarded a Euro 100 million contract to French firm Technip to build an oil and gas terminal at Odalarevu in Andhra Pradesh.
The terminal, which will have a capacity of 6 million standard cubic meters per day, will receive gas from ONGC's Vashistha and S1 fields in Bay of Bengal, Technip said in a statement.
The Vashistha and S1 fields are located 30-35 km off the Amalapuram coast in the KG Basin, off the East Coast at water depths of 250 to 700 meters.
"The onshore terminal awarded to Technip is one of the critical components of the Integrated Development of Vashistha and S1 fields," the statement said.
Technip's scope of work for this contract includes basic design, detailed engineering, procurement, fabrication, inspection and testing, installation, pre-commissioning and commissioning of the new onshore terminal facilities which will be integrated to the existing terminal.
The hydrocarbons extracted from Vashistha and S1 deep water offshore fields will be transported to the proposed onshore oil and gas terminal for processing.
The facility consists of a slug catcher for well fluid separation, gas compressors, high integrity pressure protection system (HIPPS), glycol dehydration, dew point control, mono ethylene glycol regeneration and gas metering system.
It also includes utilities and off-sites such as air compression, nitrogen generation, flare system, storage tanks and diesel generators.
Technip's operating centre in Delhi will manage and execute the project, which is scheduled to be completed in the second half of 2016, it said.
Nicoletta Giadrossi, President of Technip, said: "The Vashistha project represents an important milestone for Technip's operations in India. We will leverage our long experience and track record in the country to deliver this project for ONGC, with whom we are looking forward to further strengthen our strategic collaboration in the future."
Samik Mukherjee, Managing Director and Country Head of Technip in India, stated this is the firm's second contract from ONGC following the Heera Redevelopment process platform project.
ONGC stock price
On December 10, 2014, Oil and Natural Gas Corporation closed at Rs 342.75, up Rs 7.25, or 2.16 percent. The 52-week high of the share was Rs 472.00 and the 52-week low was Rs 264.00.
The company's trailing 12-month (TTM) EPS was at Rs 26.00 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 13.18. The latest book value of the company is Rs 159.81 per share. At current value, the price-to-book value of the company is 2.14.
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