Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation (ONGC) has received its board approval to invest Rs 34,000 crore to bring into production a flagship hydrocarbon block in the Krishna-Godavari (KG) basin off the Andhra coast.

The two clusters in the field -- KG-DWN-98/2 -- is projected to produce a total of 23.5 million tonnes (MT) of oil and 50.7 billion cubic meter of gas over the life of the field. The first gas from the field will be produced in June 2019 while gas production will commence in March 2020.

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.