State-owned ONGC will invest over Rs 21,500 crore to develop India’s deepest gas discovery by 2022-23, helping it more than double output from its prime KG basin block.
Oil and Natural Gas Corp (ONGC), which had last year firmed up an investment of Rs 34,012 crore in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), plans to invest another Rs 21,528.10 crore in developing the ultra-deepsea UD-1 find.
“We have submitted to the Directorate General of Hydrocarbons a declaration of commerciaility (DoC) for the UD-1 find. We will submit a final investment plan, called the field development plan, by end-2017 and hope to bring the discovery to production by 2022-23,” ONGC Director (Offshore) Tapas Kumar Sengupta told. Read More…
Credit By : Economictimes.indiatimes.com
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