ONGC has chalked out an investment plan of Rs 6,000 crore to invest in Western and Eastern Offshore fields to raise output in this fiscal.

The total capex is expected to be funded through internal accruals. Currently, the company is developing its Eastern Offshore Krishna Godavari basin finds, G1 and GS 15.

While GS 15, a shallow-water field is likely to yield gas from April 2010, G1 will start production from April 2011. ONGC envisages a production of 0.982 million tonne of low-sulfur crude and 5.92 billion cubic metres of gas over a period of 15 years from G1 and GS 15. So far, nine exploration wells have been drilled in G-1 and eight wells have been drilled in GS 15. ONGC is also developing Vasishtha and S1 fields in KG basin, which are expected to produce nearly six mmscmd of gas from 2013-14.

In Western Offshore (WO), it has begun development of C-Series, B-22 Cluster, B-193 Cluster, Heera/South Heera and other marginal fields. ONGC Board has also okayed the phase II redevelopment of Mumbai High South and Mumbai High North. Besides, the company produces nine mmscmd from its JV in Panna and Mukta fields in WO.

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