ONGC lines up $7-bn capex to fuel output

Revamping Infra

- Up to 24 field development, EOR & IOR projects are currently in progress

- Will invest $5bn for development of KG-DWN-98/2 in KG basin

- Developments of Ratna & R Series and North Tapti fields in west coast

- Phase-5 of Mumbai High will add 12,500 bpd of peak production

New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) is stepping up a $7 billion investment over the next three-four years to reverse years of decline in oil and gas production, company's director for production Pankaj Kumar said.Up to 24 field development, enhanced oil recovery (EOR) and improved oil recovery (IOR) projects are currently in progress that will further help reverse the declining trend in oil and gas production. “Most of our fields are old where natural decline has set in. But we are heavily investing in technology to raise recovery as well as tap isolated reservoirs,” he told.

ONGC is investing over $5billionin development of the Cluster-II region of its flagship KG-DWN-98/2 asset in the Krishna Godavari basin offshore India's eastern coast. It also has multiple field developments in the west coast region, including a planned fifth phase of redevelopment of Mumbai High along with the development of neighbouring fields like Daman, he said, adding these ongoing projects involve an investment of Rs 60,000 crore (more than $7 billion) over the next three-four years.