ONGC to invest Rs. 41,678 crore on new fields.

State-owned Oil and Natural Gas Corp (ONGC) will invest Rs. 41,678 crore for bringing to production newer oil and gas fields and redeveloping ageing fields as it looks to boost output.

The company, which produced 25.94 million tonnes of crude oil and 23.52 billion cubic meters of gas in 2014-15, is boosting investment to reverse the declining trend in output at bulk of its old and ageing fields.

ONGC will invest Rs. 24,188 crore in development of six projects both on the east and west coast. Another Rs. 17,490 crore will be spent on redeveloping its prime Mumbai High fields as well as Heera-South Heera fields in western offshore, a top company official said.

The biggest project is the western offshore Daman field development where Rs 6,086 crore is being invested to produce 27.67 billion cubic meters (bcm) of gas by 2034-35.

'Production is expected by July 2016 at the rate of 2 million standard cubic meters per day and peak output of 8.35 mmscmd of gas and 9,286 barrels of condensate per day is likely by 2018-19. There is an upside potential of 10 mmscmd,' he said.

In the neighbouring South Bassein field, Rs 4,620 crore is being invested in additional development by April 2017 for an incremental gas production of 18.83 bcm by 2030-31.

Also, Rs. 2,477 crore additional development of Vasai East will give 1.83 million tonnes and 1.97 bcm of gas by 2029-30. The project will be completed by December 2018, he said.

The official said ONGC is investing Rs. 1,881 crore in developing the Gamij oilfield near Ahmedabad.

TOI