State-run Oil and Natural Gas Corp (ONGC) is investing over Rs 50,000 crore (USD 10 billion) in developing new oil and gas fields and increasing output from existing ones, company's Chairman R S Sharma said today.
Of this amount, over Rs 16,000 crore is being invested to improve output from seven fields, he told company's shareholders.
ONGC had invested over Rs 14,000 crore in 14 Improved Oil Recovery (IOR)/Enhanced Oil Recovery (EOR) schemes (during 2000 to 2009) to raise recovery factor to 33 per cent from 28 per cent earlier, he said.
The investments would help the company offset the decline in output that has set in mature fields like Mumbai High.
ONGC is investing more than Rs 15,000 crore in the second phase of redevelopment of its prime Mumbai High fields in the western offshore. It is investing Rs 8,061.
Source:ptinews
Wednesday, September 23, 2009
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment