Oil and Natural Gas Corp (ONGC) is planning to invest Rs 21,528.10 crore (USD 3.2 billion) in developing the ultra-deepsea UD-1 find.
It is to be noted that only last year the company firmed up an investment of Rs 34,012 crore (USD 5.076.37 billion) in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5).
ONGC Director (Offshore) Tapas Kumar Sengupta told PTI: “We have submitted to the Directorate General of Hydrocarbons a declaration of commerciaility (DoC) for the UD-1 find. We will submit a final investment plan, called the field development plan, by end-2017 and hope to bring the discovery to production by 2022-23.”
The state-owned oil major is planning to drill nine wells on the discovery that lies in water depths of 2,400-3,200 metres and will produce a peak output of 19 million standard cubic metres per day.