India's Top Oil Explorer To Invest $1.1B To Boost Output



Reuters

NEW DELHI, Feb 23 (Reuters) - Oil and Natural Gas Corp , India's top oil and gas explorer, will invest 73.37 billion rupees ($1.10 billion) in five fields to produce about 15 million tonnes of oil and about 3 billion cubic metres (BCM) of gas, it said on Thursday.

India wants to boost its local output to cut dependence on imports from the current 77 percent.

Most of this investment would go into developing the R-Series fields, off 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 2018-19. The fields are expected to produce at a peak rate of 14,583 barrels per day (bpd) in 2019-20, it said in a statement.

($1 = 66.7850 Indian rupees)

(Reporting by Nidhi Verma; Editing by Biju Dwarakanath)



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