Oil and Natural Gas Corp., India's top oil and gas explorer, will invest 73.37 billion rupees (US$1.10 billion) in five fields to produce about 15 million tonnes of oil and about 3 billion cubic meters (Bcm) of gas, it said on Feb. 23.
India wants to boost its local output to cut dependence on imports from the current 77%.
Most of this investment would go into developing the R-Series fields off of India's west coast that can produce 8.39 million tonnes of oil and 1.696 Bcm of gas.
ONGC will invest about 41 billion rupees in the fields that will begin oil production during 2018-2019. The fields are expected to produce at a peak rate of 14,583 barrels per day (bbl/d) in 2019-2020, it said in a statement. (US$1 = 66.7850 Indian rupees)
Recommended Reading
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
Occidental Increases Annual Dividend by 22%
2024-02-11 - Occidental Petroleum Corp.’s newly declared dividend is at an annual rate of $0.88 per share, compared to the previous annual rate of $0.72 per share.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
Why Endeavor Energy's Founder Sold His Company After Years of Rebuffing Offers
2024-02-13 - Autry Stephens', the 85-year-old wildcatter, decision to sell came after he was diagnosed with cancer, according to three people who discussed his health with him.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.