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ONGC to invest Rs 2,600 crore for third phase development of gas fields

20 Mar 2012 Evaluate

In a bid to develop C-series natural gas field off the west coast, state-owned Oil and Natural Gas Corporation (ONGC) is planning to invest Rs 2,600 crore in the third phase of development for the same. The cumulative gas and condensate production from this project will be 16.67 billion cubic meters and 2.81 million cubic meter respectively by 2024-25. The advancement will help realizing production starting pre-monsoon 2014 instead of 2018 envisaged earlier.

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) and the development will cost Rs 2,592.17 crore.

Recently the company said it has discovered natural gas reserves in a block in Damoh district of Madhya Pradesh. Well Nohta-2 in block DamohJaberaKatni discovered one interval of gas during texting. Also, it made a gas find in a Kutch offshore block. Prospect GK-42-1, situated in shallow water depth of 30 meters at a distance of about 50 km from Okha port in Gujarat, flowed gas on convention testing.

ONGC Share Price

286.20 2.50 (0.88%)
23-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
ONGC 286.20
Oil India 473.85
Jindal Drilling&Inds 541.55
Deep Industries 488.30
Asian Energy Service 313.05
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