Indian state-owned oil and gas group Oil and Natural Gas Corporation (ONGC) plans to invest INR 65,773 crore (more than US$9.4bn) to increase oil and gas production in India at 13 field development projects and three Enhanced Oil Recovery/Improved Oil Recovery (EOR/IOR) projects.
These 16 projects are expected to produce a cumulative 54.6 Mt of crude oil and 114 bcm of gas in the next 3-4 years, including around 41 Mt of oil, 8.3 Mt of condensate and 105 bcm of gas from the 13 fields and nearly 14 Mt of oil and 8.7 bcm of gas from the EOR/IOR projects. The KG-DWN98/2 block should account for nearly half of the additional crude oil production and for 40% of the additional gas production.
ONGC aims to complete the development of the 13 fields by August 2021, while the three IOR/EOR projects will be completed by March 2026. The company's crude oil production slightly decreased in fiscal year 2018-2019, while its gas production remained stable.