Oil and Natural Gas Corporation (ONGC) has unveiled a Rs 34,000 crore investment plan to develop its KG Basin fields, delayed for years, with Rs 1,500 crore in the current fiscal year.
The project will help boost ONGC's oil and gas output by a fifth in about four years. The project will produce its first gas in June 2019 and oil in March 2020.
The project involves developing Cluster 2 of the three clusters it has placed all its KG discoveries in. Cluster 1 and Cluster 3 are not part of the current plan. Cluster 2 has in place reserves of 94 million tonne of oil and 74 billion cubic meter of gas.