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Thursday, 08 January, 2009, 23:30 GMT | more >>

ONGC wins $195m Bombay High pay-out

By Upstream staff

India's State-run Oil & Natural Gas Corporation (ONGC) said today it had received 8.64 billion rupees ($195 million) as final payment of an insurance claim for damages from a fire at the Bombay High North field in July 2005.

The fire killed at least 12 workers and destroyed a platform, while the multi-purpose support vessel Samudra Surkasha was severly damaged and later sank.

"With this, the total amount received by ONGC towards Bombay High North accident loss works out to around 17 billion rupees," the company said in a statement, adding it was India's largest insurance payout.

The heat and smoke of BHN fire partially affected other offshore installations also. ONGC's offshore assets were insured with United India Insurance Company.