ONGC’s planned $11 bn investment to raise gas production by 30% over 3-4 yrs

State owned ONGC is planning to invest USD 11 billion in exploration which will help it increase gas production by up to 30 percent over the next 3-4 years, accroding to a Mint report.

Gas production will increase from around 23 billion cubic metres (bcm) a year now to up to 29-30 bcm in four years, it said, adding that the production increase will come after nearly a decade of stagnant output.

The capacity increase will be met by putting some blocks into production, and ramping up others.

Blocks in the Krishna Godavari basin (KG-DWN-98/2), and Ratna and R-Series oilfields in Mumbai offshore will be put into production by 2019, while Jharkhand’s coal bed methane will start production by 2020. Daman’s offshore fields which have already started production this month will be ramped up.

Image Credit : globalindianinvestments.com

Research Desk

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