24 Sep 2009
Oil & Natural Gas Corporation (ONGC), India’s largest energy explorer, will begin oil production from a cluster of fields in the east coast by the middle of 2010, according to the company. The company has integrated several discoveries in the eastern coast in a hub having about 300 million tonne of in-place oil reserves.
The company also plans to ramp up its oil production to 29 million tonne by March 2013, compared with 25.4 million tonne in the year ended March 2009.
ONGC plans to invest over Rs 50,000 crore in developing new oil and gas fields and increase output from existing fields, he said. The company will spend about Rs 16,000 crore to increase oil production from new fields alone, he added.
ONGC has already invested over Rs 14,000 crore in 14 projects for improving oil recovery from existing fields. The company will also focus on oil and gas assets abroad
ONGC produces almost 25% of the crude used by India, Asia’s third-largest energy consumer.