FPSO Armada Sterling V Aims To Add 7% To India’s Oil Production
FPSO Armada Sterling V, a company in the oil and gas value chain, is aiming to add 7 per cent to India’s oil production and eyeing to support a 7 per cent addition to the country's gas production.
On 27 February, The company witnessed the first crude oil offtake completion to the crude oil tanker Swarna Sindhu at the Oil and Natural Gas Corporation (ONGC)’s KG-DWN-98/2 field. Notably, Prime Minister Narendra Modi inaugurated the project and flagged off the tanker carrying crude extracted by FPSO Armada Sterling V to the refinery, on 2 March 2024.
The Prime Minister lauded the start of oil production from the field as a historic moment for India, aligning with the mission for an 'Atmanirbhar Bharat’. He emphasised that the project plays a crucial role in reducing the nation's dependence on oil imports.
The company in a press release said that Shapoorji Pallonji’s owned or operated assets today contribute to over 20 per cent of India’s total crude production. "Development of the KG-DWN-98/2 field will potentially reduce India’s annual import bill by up to USD 3.5 billion," the statement read.
FPSO Armada Sterling V has a processing capacity of over 50,000 barrels of oil per day and 3 million standard cubic meters per day (MMSCMD) of gas and a storage capacity of 700,000 barrels. Ravi Shankar Srinivasan, Director and CEO, SP Energy said that it is designed to weather severe cyclonic conditions and was engineered and delivered by a team led by Indians.
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