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Representational photo | Photo Credit: Reuters

$2 Bn to be invested by the ONGC in Mumbai offshore

A company official revealed that Oil and Natural Gas Corporation (ONGC), the top oil and gas producer in the nation, will spend over $2 billion to drill a record 103 wells on its main gas-bearing asset in the Arabian Sea as it pivots a turnaround plan that is anticipated to increase domestic production by 100 million tonnes.

The majority of the 21.7 million tonnes of oil and 21.68 billion cubic meters of gas that ONGC produced in 2021–2022 came from three key properties off the west coast: Mumbai High, Heera and Neelam, and Bassein and Satellite.

“We have released a record 103 locations for drilling of wells on the Bassein and Satellite (B&S) assets over the next 2-3 years,”ONGC director (offshore) Pankaj Kumar said.

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