The state-owned petroleum explorer, Oil and Natural Gas Corporation (ONGC), will invest Rs 81,800 crore for the projects. It will help to explore new discoveries in production, and check the decline in output from ageing fields.
From the 15 projects undertaken for development, seven are complete and eight are under execution. The total cost of these projects will be around Rs 40,573 crore. This will increase the production to 45.6 million tonne of crude and 67.4 billion cu mtr of gas.
ONGC is focusing on two other projects: one in Daman; and the other, KG-DWN-98/2, in the Krishna-Godavari basin. The company board has given approval for an investment of Rs 5,200 crore for the Daman project. It will produce a maximum of 8.5 million standard cu mtr per day and is expected to start production by July 2016. The output in KG-DWN-98/2 will commence in 2018.
The company is employing technology to understand the natural decline in ageing fields. A total of Rs 41,316 crore capital expenditure has been planned for such interventions across 24 projects, of which 19 have been completed.
Related Project Info:
Daman Gas Fields Development Project
KG-DWN-98/2 Oil Exploration (NELP-I)