ONGC to invest $5.1 billion to develop two oil fields

New Delhi, March 28 (IANS) The Oil and Natural Gas Corporation (ONGC) on Monday said that it will invest $5.1 billion for the development of two hydrocarbon fields in the Krishna-Godavari basin.

“Board of directors of ONGC approved the field development plan (FDP) for the development of fields falling under cluster 2 of the deep-water block KG-DWN-98/2,” the state-run oil and natural gas explorer said in a statement.

“The development would involve a capital expenditure of $5,076.37 million.”

According to the company, the cluster is projected to produce a total of 23.5 million tonnes of oil and 50.7 billion cubic meters of gas over the life of the field.

The project is set to be completed by June 2020. Natural gas is expected to be extracted from June 2019, whereas oil production is scheduled to commence from March 2020.

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