In order to ramp up its oil and gas exploring capacity, ONGC has set aside a whopping investment worth Rs. 41,678cr for new production of oil & gas fields and also to redevelop the existing ones, said official sources, elaborating that the company will invest Rs. 17,490cr in redevelopment of Mumbai High Fields and Heera South Heera fields western offshore and a staggering amount worth Rs. 24,188cr has been targeted for the east and west coast to develop six projects. In addition, it will also invest Rs. 6,086cr for the development of Daman field which is estimated to produce 27.67 billion cu mtr of gas in the near future thereby making it their biggest project in the western offshore.
Likewise, the giant explorer has also decided to invest in various projects like Rs. 4,620cr in the South Bassein field, Rs. 2,477cr in Vasai East field, Rs. 1,881cr in development of Gamij Oilfield near Ahmedabad, Rs. 4,124cr in developing the Vashista and S-1 gas fields in Krishna Godavari basin. Apart from this, Rs. 5,000cr has been targeted for the Krishna Godavari basin field of Nagyalanka, and Mumbai High North Field will get Rs. 5,813cr for the redevelopment of the oil and gas field.