L&T bags offshore contract worth Rs 2,715 crore from ONGC

L&T Hydrocarbon Engineering (LTHE), a subsidiary of Larsen & Toubro (L&T), on Wednesday said it has bagged an offshore contract from ONGC valued at Rs 2,715 crore.

"The contract was won against international competitive bidding for the Oil & Natural Gas Corporation (ONGC) project at Bassein field near Mumbai coast in western offshore basin of India. It encompasses total 'EPCI' - Engineering, Procurement, Construction and Installation - for the project", LTHE said in a filing.

"The project, part of ONGC's strategy to enhance the field life and increase the recovery of Bassein Field, is scheduled to be completed by December 2017," LTHE said.

The cumulative production from the field till 2027-28 is pegged at 19.56 billion cubic meters (BCM) of gas, 1.97 million cubic meters of condensate and 1.83 million metric tonnes (MMT) of oil.

"This contract reiterates the long-term association of ONGC with L&T in the development of offshore fields in India", the filing added.

On June 22, L& T had also informed that its another arm, L&T Metallurgical and Material Handling (L&T-MMH) business has secured new orders worth Rs 1,507 crore across various verticals.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $ 15 billion revenue. It operates in 30 countries worldwide.