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ONGC set to invest over $5bn to develop KG basin oil, gas block

30 Mar 2016

Oil and Natural Gas Corp (ONGC) has announced that it will invest $5.07 billion in developing KG Basin oil and gas discoveries by 2019.

The company expects peak oil production will be of 77,035 per day, with gas output producing 12.75 million standard cubic metres per day.

"Our Board of Directors today approved the Field Development Plan (FDP) for the development of fields falling under Cluster 2 of the deep-water NELP Block KG-DWN-98/2 (KG-D5)," said ONGC Chairman and Managing Director, Dinesh K Sarraf.

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