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ONGC to invest $5.1 billion in 4 yrs in east coast oil gas asset
September 30, 2016 / 9:01 AM / in a year

ONGC to invest $5.1 billion in 4 yrs in east coast oil gas asset

NEW DELHI (Reuters) - Oil and Natural Gas Corporation will invest 340.12 billion rupees ($5.11 billion) in four years to develop cluster 2 of east coast deepwater block, the company said in a tweet on Friday.

A technician opens a pressure gas valve inside the Oil and Natural Gas Corp (ONGC) group gathering station on the outskirts of Ahmedabad March 2, 2012. REUTERS/Amit Dave/Files

These fields are expected to reach a net peak production of 77,000 barrels per day (bpd) of crude oil and 16.29 million metric standard cubic metres per day (mmscmd) of gas by 2021/22 fiscal year, the company had said earlier.

($1 = 66.6000 rupees)

Reporting by Nidhi Verma; Editing by Malini Menon

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