ONGC to invest $600 million in Imperial Energy

Oil and Natural Gas Corp is set to invest over $600 million for the development of assets of Imperial Energy, in addition to its acquisition price of $2.1 billion, said a company official.

Oil and Natural Gas Corp (ONGC) is set to invest over $600 million for the development of assets of Imperial Energy, in addition to its acquisition price of $2.1 billion, said a company official on Monday.

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ONGC acquired Imperial Energy after more than 97 percent of its shareholders had approved the deal last December.

An official at the state-run oil upstream major said ONGC will invest $600 million to develop Imperial's strategic assets in the western Siberian region of Russia, which is one of the highest oil-producing regions in the world.

ONGC wants to make Imperial's asset a platform for further expansion in the region.