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ONGC gets investment worth Rs 2,592.17 crore for development project

19 Mar 2012 Evaluate

Oil & Natural Gas Corporation’s (ONGC) board has approved an advancement of development of C-26 Cluster (consisting of C-23, C-26,&B-12-1) fields of phase III of approved development projects scheme of C-series. This envisages estimated capital cost of Rs 2,592.17 crore.

The project involves three well head platforms, associated facilities and pipeline, drilling and completion of 8 wells and conversion of old drilling rig Sagar Pragati (of 1981 vintage) to Mobile Offshore Production Unit (MOPU).

This advancement would help the company in realizing production starting pre monsoon 2014 instead of 2018 envisaged earlier. The cumulative gas and condensate production from this project will be 16.67 bcm and 2.81 million cubic meter respectively by 2024-25.

Since its inception, ONGC has been instrumental in transforming the country's limited upstream sector into a large viable playing field, with its activities spread throughout India and significantly in overseas territories. In the inland areas, ONGC not only found new resources in Assam but also established new oil province in Cambay basin (Gujarat), while adding new petroliferous areas in the Assam-Arakan Fold Belt and East coast basins (both inland and offshore).

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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