ONGC to invest $1.1 billion to boost output | Reuters

NEW DELHI Oil and Natural Gas Corp, India's top oil and gas explorer, will invest 73.37 billion rupees ($1.10 billion) in five fields to produce about 15 million tonnes of oil and about 3 billion cubic metres (BCM) of gas, it said on Thursday.India wants to boost its local output to cut dependence on imports from the current 77 percent.Most of this investment would go into developing the R-Series fields, off India's west coast, that can produce 8.39 million tonnes of oil and 1.696 BCM of gas.

ONGC will invest about 41 billion rupees in the fields that will begin oil production during 2018-19. The fields are expected to produce at a peak rate of 14,583 barrels per day (bpd) in 2019-20, it said in a statement.

($1 = 66.7850 Indian rupees)

(Reporting by Nidhi Verma; Editing by Biju Dwarakanath)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Feb 23, 2017 22:00 PM

Also Watch

It's A Wrap: Omerta star Rajkummar Rao in conversation with Parul Sharma
  • Thursday, April 26, 2018 In the Kanjarbhat community, a campaign against 'virginity tests' is slowly gaining ground
  • Thursday, April 19, 2018 Watch: National-level skater and coach Dhwanit Rele trains and nurtures budding athletes
  • Monday, May 14, 2018 FOMO Episode 1: Google Assistant, This is America, Sonam's wedding & Global Warming
  • Saturday, May 19, 2018 Social Media Star: Rajkummar Rao and Bhuvan Bam open up about selfie culture, online trolls

Also See