ONGC gets board nod for funding five fields

The fresh investment in the fields are likely to see 14.969 million tonne (mt) of oil and 2.972 billion cubic metre of gas, the company said.

By: ENS Economic Bureau | New Delhi | Updated: February 24, 2017 3:17:11 am
ONGC, OIL, Oil and Natural Gas Corporation, Oil and natural gas, hydrocarbon fields, oil companies, business news The highest investment, Rs 4,104 crore, has been allocated for the Ratna field. (File photo)

The board of state-owned Oil and Natural Gas Corp (ONGC) on Thursday approved investments worth Rs 7,327 crore to develop five hydrocarbon fields and notified two new discoveries. The fresh investment in the fields are likely to see 14.969 million tonne (mt) of oil and 2.972 billion cubic metre of gas, the company said in a statement.

The investments will go in developing or redeveloping R-Series (including revival of R-12 or Ratna), Santhal, B-147 and BSE-11 Block fields, and the fourth-phase development of NBP field.

The highest investment, Rs 4,104 crore, has been allocated for the Ratna field, which has been languishing for long as a private consortium that took the fields could not monetise the field. (With Inputs from FE)

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