ONGC makes new discoveries in India & plans to invest $746 million in revamping facilities
BY SAURABH CHATURVEDI
NEW DELHI -- ONGC said that it has made new oil and gas discoveries in eastern and northeastern India and will invest more than $746 million in revamping some of its western offshore facilities.
The discoveries and the investment decision will help India's top crude producer arrest a trend of declining output over the past five years as most of its producing fields are ageing, apart from boosting earnings.
The company didn't give the estimated reserves or the potential output from the new discoveries.
ONGC plans to spend $0.54 billion by 2016 to modernize infrastructure as it expects its top producing western offshore fields, Mumbai high, Neelam and Heera to be in operation beyond 2030.
The company will also spend $0.21 billion by 2015 on gas processing complexes of its satellite field, also western offshore.
ONGC, which contributes just under two-thirds of local crude output, has set an ambitious target of doubling production and trebling revenue by 2030.
Dow Jones Newswires