ONGC to invest $4.5 billion to boost output
ONGC plans to invest $4.5 billion in the next two to three years to reverse an output decline from its mature fields, Pankaj Kumar, director (production).
“We have devised several enhanced oil-recovery schemes and have also started seeing positive results out of it. We intend to bring up these schemes in the next two to three years and it is going to involve investment of over $4.5 billion in west coast only. So, it’s a huge investment. This investment will produce around 60-70 million tonnes of additional oil and oil equivalent gas,” said Kumar
ONGC’s crude oil production fell 3.3 percent to 5.2 million tonnes in the third quarter of FY24, while gas output dropped 4.3 percent to 5.1 billion cubic metres. In the nine months ended December, its crude oil output declined 2.9 percent to 15.78 million tonnes and gas production went down 3.4 percent to 15.5 billion cubic metres.
