Oil & Natural Gas Corporation Ltd.

State-owned Oil and Natural Gas Corporation (ONGC) is planning to invest over Rs 21,500 crore to develop India’s deepest gas discovery by 2022-23, helping it more than double output from its prime KG basin block.

The company is planning to drill nine wells on the discovery that lies in water depths of 2,400-3,200 metres and will produce a peak output of 19 million standard cubic metres per day.

The company had previously decided to develop other discoveries in KG-D5 block and leave the UD-1 find in the same block for a later date as it thought there was no technology available to produce gas from such water depths.