Eleven people have died while 16 are still missing in Wednesday's fire at one of the ONGC's biggest crude oil processing platforms in offshore Bombay (Mumbai) High.
An Oil and Natural Gas Corporation (ONGC) spokesman said eleven people had lost their lives and 16 were still missing while 357 people were rescued after overnight relief operations, reports New wind press.
Bombay High, India's largest offshore field, produces 14 percent of the oil India consumes and accounts for 38 percent of all domestic production.
The platform's production of 100,000 barrels per day is out of a total Bombay High production of 260,000 barrels per day.
ONGC engineers live on the Mumbai High North (MHN) platform, which is connected to 15 oil wells and pumps oil to the coast. It is fixed to the seabed 80 metres (265 feet) below the surface of the Arabian Sea reports Reuters.
According to Outlook India, Petroleum Minister Mani Shankar Aiyar, making a suo moto statement in Lok Sabha, said the platform was insured for 195 million dollar while the supply vessel, which was also gutted in the fire, was insured for 60 million dollars.
Building a new platform will cost at least 300 million dollars.
"We have a contingency plan in place. Wells connected to MHN will be looped to other platforms in the area. We hope to restore 70 per cent of the MHN's production in two to four weeks time," said an ONGC director from Mumbai.