NEW DELHI, Dec 24, 2007 (Dow Jones Newswires)
India's state-run explorer Oil and Natural Gas Corp. (500312.BY) plans to spend 25.5 billion rupees ($645 million) in the next three years to strengthen the oil and gas pipeline network at its western offshore Mumbai fields, it said.
The company plans to revamp the pipeline network as it expects implementation of a development project will increase the production life of its Mumbai offshore fields to 2030.
The ONGC board also approved a capital expenditure of $35.9 million for the third phase of development of its PY-3 oil and gas field in the eastern offshore Cauvery basin.ONGC holds 40% stake in the field while Hindustan Oil Exploration Co. (500186.BY) owns 21%, Tata Petrodyne 21% and Hardy Exploration & Production 18%.
The development is expected to enhance the recovery of hydrocarbons from the field, according to a company statement posted on its Web site after a board meeting late Saturday.NEW DELHI, Dec 24, 2007 (Dow Jones Newswires)
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