ONGC to invest Rs 21,500-crore in India’s deepest gas find

State-owned Oil and Natural Gas Corporation (ONGC) will invest over Rs 21,500 crore to develop India’s deepest gas discovery by 2022-23, helping it more than double output from its prime KG basin block.

Oil and Natural Gas Corp (ONGC), which had last year firmed up an investment of Rs 34,012 crore in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), plans to invest another Rs 21,528 crore in developing the ultra-deepsea UD-1 find.
ONGC plans to drill nine wells on the discovery that lies in water depths of 2,400-3,200 metre and will produce a peak output of 19 million standard cubic metres per day.
Source- The Hindu

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