ONGC To Invest Rs 10,600 Crore
Oil and Natural Gas Corp (ONGC) has said to invest Rs 10,600 crore in raising production from its western offshore fields. ONGC board has approved third phase of redevelopment of its prime Mumbai High South oil and gas field at a cost of Rs 6,069 crore and integrated development of Mukta, Bassein and Panna formations at an investment of Rs 4,620 crore, the company said in a statement. The project is designed to carry forward the success of the previous two phases of redevelopment project and give a new lease of life to the giant field, which has been in production for over three decades. The project comprises drilling 36 new wells and 34 sidetrack wells, and facilities. The facilities under the project are scheduled to be installed by April, 2017. Drilling of wells and the overall project completion is scheduled for March, 2019.