State-run Oil and Natural Gas Corp (ONGC) is investing over Rs 50,000 crore ($10 billion) in developing new oil and gas fields and increasing output from existing ones, company's Chairman R S Sharma said on Wednesday.
Of this amount, over Rs 16,000 crore is being invested to improve output from seven fields, he told company's shareholders.
ONGC had invested over Rs 14,000 crore in 14 Improved Oil Recovery (IOR)/Enhanced Oil Recovery (EOR) schemes (during 2000 to 2009) to raise recovery factor to 33 per cent from 28 per cent earlier, he said.
The investments would help the company offset the decline in output that has set in mature fields like Mumbai High.
ONGC is investing more than Rs 15,000 crore in the second phase of redevelopment of its prime Mumbai High fields in the western offshore. It is investing Rs 8,061.42 crore in Mumbai High South by April 2011 for an incremental 20.7 million tonnes of oil and 3.32 billion cubic meters of gas by 2029-30.
Besides, ONGC is investing Rs 6,855.93 crore in Mumbai High North by September 2012 for an additional 17.35 million tonnes of oil and 2.98 bcm of gas by 2029-30.
It is investing Rs 1,262.93 crore by 2011 in G-1 and GS-15 fields, its first major east coast development, to boost gas output by 2.62 million cubic meters per day.
Besides, Rs 3,195.16 crore in development of C-Series fields off the Mumbai coast would give 15.14 bcm of gas in 15 years.