ONGC Makes New Discoveries; To Invest $386M in Revamping Facilities

NEW DELHI - Oil & Natural Gas Corp. (ONGC) said Tuesday it has made new oil and gas discoveries in eastern and western India and will invest 20.76 billion rupees ($386 million) in revamping some of its other facilities.

The discoveries and the investment will boost the efforts of India's top crude oil producer to arrest its falling output as most of its producing fields are aging.

The state-run explorer didn't provide the estimated total reserves at the new fields where it found oil and gas.

ONGC said it will spend about 17.91 billion rupees in acquiring technology to improve output at three of its producing western offshore fields and to install surveillance facilities.

The company will also spend about 2.84 billion rupees to develop three shallow-water wells in the eastern offshore area.

ONGC, which contributes just under two-thirds of India's crude output, has a target to double production and treble revenue by 2030. India's crude output was 761,370 barrels a day in March.

Copyright (c) 2012 Dow Jones & Company, Inc.

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