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L&T Hydrocarbon Wins Rs. 1656 Crores contract From ONGC

Posted On: 2017-03-20 12:11:17

L&T Hydrocarbon Engineering Limited (LTHE), a wholly owned subsidiary of Larsen & Toubro, has bagged an offshore contract for the Neelam Re-Development & B173AC Project from the Oil & Natural Gas Corporation (ONGC) valued at ? 1656 crores (USD 245 Million). The Contract, won against international competitive bidding, encompasses total 'EPCIC' - Engineering, Procurement, Construction, Installation and Commissioning for the project. The scope includes one new process platform having gas processing and compression facilities, three new well head platforms, 32 km pipeline, clamp-on on three existing platforms and modification work on eight existing platforms in the Neelam Field in western offshore basin in India.

The project, part of ONGC's strategy to enhance the field life and increase recovery of Neelam field, is scheduled to be completed by April 2019. The incremental gain from the field after implementation of project till 2034-35 is pegged at 2.76 MMT crude oil and 4.786 BCM gas. Neelam Offshore field is situated in the Heera-Panna block in Mumbai Offshore, located at about 45 km South-West of Mumbai city.

L&T has been serving the upstream hydrocarbon sector since early the '90s. This contract reiterates the long term association of ONGC with L&T in the development of offshore fields in India. The Company's offshore track record includes successful completion of several challenging projects for domestic and international clients. LTHE provides complete 'EPCIC' solutions for the offshore oil & gas industry combining customized engineering, procurement, fast-track project management and world-class fabrication and sea installation capabilities meeting stringent timelines, conforming to international safety standards.

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1538.25 as compared to the previous close of Rs. 1550.7. The total number of shares traded during the day was 89245 in over 2764 trades.

The stock hit an intraday high of Rs. 1554.4 and intraday low of 1536.1. The net turnover during the day was Rs. 137439979.

Source: Equity Bulls

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