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ShareNew Delhi: The government on Thursday said Oil and Natural Gas Corp Ltd has lined up an investment of Rs 50,000 crore to develop new and existing oil and gas fields in Assam, Gujarat, Mumbai Offshore, and other parts of India. It, however, did not specify the period for the investment.
"ONGC has drawn up a plan to develop new and brown oil and gas fields in Assam, Gujarat, Mumbai Offshore and West and East Coast of India for increasing output. The investment includes facility creation and revamping projects," minister of state for petroleum and natural gas Jitin Prasadasaid in a written reply in LokSabha.
This includes an investment of Rs 8,813 crore in Phase-II re-development of Mumbai High South and Rs 7,133 crore in Phase-II re-development of Mumbai High North.
The investment is expected to result in an increase of 18.3 million tonne in oil and 2.7 billion cubic metre gas output under Mumbai High South.
The investment will lead to an additional oil output of 17.3 million tonne and gas production of 2.98 billion cubic metres from Mumbai High North. ONGC has undertaken several improved oil recovery and enhanced oil recovery projects on its ageing offshore and onshore fields.
By 2012-13, the company's target is to produce 29 million tonne of crude per year and 72 million cubic metre per day of gas. About 15% of the company's fields account for 80% of its crude oil output.
ONGC, meanwhile, is in the final stages of awarding redevelopment and development projects worth $2.5 billion. It has already awarded seven such projects worth $2 billion since March.
