ONGC to make a multi-billion dollar investment in KG-basin block

State-owned Oil and Natural Gas Corporation (ONGC) is planning to make a multi-billion dollar investment in the KG-DWN 98/2 Cluster 2 block in FY17.  The pool planned capex for the next fiscal is about Rs 30,000 crore.

In 2015-16, the company approved six projects of projected costs of Rs 14,000 crore and total production potential of 23 mt of oil and oil equivalent of gas. Eleven projects were completed in FY16.

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.