"We are entering into an era of
energy abundance ": PM Modi

PM Modi

"The progress of India is the destiny of one-sixth of humanity. And it will also mean a world more confident of its prosperity and more secure about its future. The power and energy sectors are the biggest constituents of the infrastructure sector. If you ignore them, no development will happen."

S1 Vasishta

PM dedicates ONGC's key east coast project S1 Vasishta to the nation ; lays foundation stone for Krishnapatnam Coastal Installation of BPCL and dedicates Strategic Crude Oil Storage facility of ISPRL

"Our government
believes in
an integrated
approach for
energy
planning and
our energy agenda is
inclusive:
PM Modi

Thesynergyonline Corporate Bureau

GUNTUR, AP , FEBRUARY 10: Prime Minister NarendraModi today dedicated ONGC's deep water S1 Vasishta Development Project to the nation. Governor of Andhra Pradesh and Telangana ESL Narsimhan and Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu.

Along with dedicating S1 Vasishta project of ONGC to the nation, Prime Minister also laid the foundation stone for Krishnapatnam Coastal Installation of BPCL and dedicated Strategic Crude Oil Storage facility of ISPRL.

First of the tough deep-sea forays of ONGC, in the promising eastern offshore has been successfully overcome with completion of S1- VasishtaDevelopment Project built at the cost of about INR 5700 Crore (US$ 880 million).

S1 and Vasishta fields

S1 and Vashista fields are free gas fields located 30-35 km off Amalapuram, Andhra Pradesh in water depths ranging from 300-700 meters with in-place reserves of estimated 19.692 bcm of gas to be realized through 4 wells, connected through dual 14" pipelines tied back to onshore terminal at Odalarevu in coastal Andhra Pradesh.

'The Vashishta field is estimated to produce 9.56 billion cubic metres (bcm) over a period of nine years with peak production reaching 3.55 million metric standard cubic metres a day (mmscmd) during the first five years. The S1 field is expected to deliver 6.22bcm over a period of eight years with a peak production of 2.2mmscmd for the first five years. '

Onshore Terminal at Odalarevu has capacity to process 6mmscmd gas with a provision for expansion up to 10mmscmd.

Integrated Development of S1 Vasishta fields included building of Gas processing facilities at Onshore terminal, drilling and completion of 4 deep water wells, engineering, procurement, installation and commissioning of dual 14" Pipelines and Umbilicals and other associated subsea structures to transport the gas from the ocean floor to the Onshore Terminal at Odalarevu.

Prime Minister dedicating the ONGC project S1 Vasishta and Strategic Crude Oil Storage facility of ISPRL to the nation and also laying the foundation stone for Krishnapatnam Coastal Installation of BPCL

Connecting subsea deep-water gas wells to onshore terminal through a network of underwater pipelines and control Umbilical had been one of the most strenuous tasks. About 86 km of 14" pipelines were installed on seabed in offshore and about 8km on land.

Presently about 4 million cubic meters of gas per day is produced from S1 Vasishta fields which could be further raised up.

PM at 16th International Energy Forum :

India's energy future has four pillars - Energy access, energy efficiency, energy sustainability and energy security .

We are entering an era of energy abundance. However, one point two billion people still do not have access to electricity. Many more do not have accessto clean cooking fuel.We must ensure that this situation is not exploitedto the detri-ment of the under-privileged. People must have universal access to clean, affordable, sustainable and equitable supply of energy.

Let me share with you some of my thoughtson the hydrocarbon sector and our endeavour to achieve energy security.

Oil and Gas are a commodity of trade but also of necessity. Whether it is for the kitchen of a common manor for an aircraft,energy is essential.

The world has for too long seen prices on a roller-coaster.

We need to move to responsible pricing,which balances the interests of both the producer and consumer. We also need to move to transparent and flexible marketsfor both oil and gas.Only then can we serve the energy needs of humanity in an optimal manner.

If the world has to grow as a whole,there has to be a mutually supportive relationship between producers and consumers. It is in the interests of producers that other economies keep growing steadily and rapidly. This will ensure growing energy markets for them.