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ONGC to develop 10 oil and gas clusters in western, eastern offshore

27 Feb 2012 Evaluate

In a bid to increase crude production by up to 4 million tonne per annum by 2013-14, State-owned Oil and Natural Gas Corporation (ONGC) will invest Rs 26,000 crore to develop 10 oil and gas clusters involving about 34 marginal fields in both western and eastern offshore.

Marginal field is any oil field or well that is nearing end of its commercial life and the production rates of these fields will be low and economically not viable under regular conditions.

The combined production of oil and oil equivalent gas of ONGC, including ONGC Videsh and ONGC's share in PSCJVs, in FY11 has been 62.05 million tonne. ONGC is a 12.5% stakeholder in Pertonet LNG -- a joint venture with the government of India to import LNG and set up LNG terminals in the country.

In separate development, the company’s Assam Asset has recorded the highest ever quarterly gas sales in a decade and attained the oil production target at 100.1 percent (0.3031 million metric tonne) against the planned figure of 0.3028 MMT on the last day of the quarter.

ONGC Share Price

283.95 1.20 (0.42%)
17-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 283.95
Oil India 470.10
Jindal Drilling&Inds 540.15
Deep Industries 476.90
Asian Energy Service 306.05
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