Oil & Natural Gas Corporation Ltd.

Oil & Natural Gas Corporation plans to spend $5 billion to develop gas fields to boost output by almost 60% in six years. It has sought permission from the oil and gas regulator on July 16 to invest the funds in nine natural gas discoveries off India’s east coast to produce 35 million cubic metres a day by 2016.

ONGC has been discovering new reserves for a while but the concern is being able to convert them to production. However, now it is starting new fields off east coast as output declined at aging areas off the west coast. Reserves added in fields during the last year were the equivalent of 82.98 million metric tonne, the highest in the past 20 years.