11 May,2009 04:18 PM IST | | PTI
With output falling from its ageing Bombay High and other Western Offshore fields, state-run Oil and Natural Gas Corp (ONGC) will invest Rs 6,000 crore in new and existing fields in this fiscal to raise output.
"Our capex for development of Western and Eastern Offshore fields for this fiscal is Rs 6,000 crore. It will be funded from internal accruals," a top company official said.
The explorer is currently developing its eastern offshore Krishna-Godavari basin finds, G1 and GS 15. "GS 15, a shallow-water field, will flow first gas from April next year. G1 will take time as it is a deepwater field, but will start production from April 2011," the official said here.
ONGC envisages a production of 0.982 million tonnes (MMT) of sweet or low-sulphur crude and 5.92 billion cubic metres (bcm) of gas over 15 years from G1 and GS 15.
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"The two fields put together will produce two million standard cubic metres per day (mmscmd) of gas. The onshore oil and gas processing terminal at Odalarevu, on the coast of Andhra Pradesh, is ready," he said.
The gas to be produced has still not been tied up for sale, the official said, adding that the company hopes to sell it at market-determined rates.
