Oil & Natural Gas Corporation Ltd.

ONGC has received its board’s approval for Rs 5,050 crore investment in Tripura for drilling of wells and creation of surface facilities to produce 5.1 mmscmd gas from the state’s fields. The company’s board gave approval for the same at its meeting held at New Delhi on February 11.

As a result of geological mapping and exploratory efforts, so far 11 gas fields are discovered by ONGC in Tripura and of these seven fields are on production. ONGC Tripura Asset is carrying out its drilling activities with three owned rigs under operation and well servicing operations through two work-over rigs.

ONGC is India's largest government-run corporation and produces about 70% of India's crude oil and natural gas. The corporation is the biggest public sector commercial organization in India with current market capitalization of about $31 billion.