ONGC approves Rs.3,241 crore for new oilfields

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SME Times News Bureau | 26 Mar, 2010
Oil major ONGC will invest Rs.3,241 crore in the development of the marginal fields in Arabian Sea. It also plans to initiate a pilot research project in the exploration of shale gas in Damodar basin.

The ONGC board, which met Thursday, approved the investment of Rs. 3241.03 crore for the first phase development of cluster 7 marginal fields in western offshore in the Arabian Sea. The project is slated to be completed within 35 months, and the first oil is expected in March 2012.

In another significant decision, the board also approved a research and development pilot project for exploration of shale gas in the Damodar basin at a cost of Rs.128 crore.

Besides, ONGC will be procuring nine new logging units at a cost of Rs.419.03 core.

The board was informed of three new discoveries, in Andhra Pradesh, the Krishna Godavari basin and Gujarat.