The Oil and Natural Gas Corporation (ONGC) will accelerate work on a major oil and gas project in the Krishna Godavari basin by taking up works simultaneously with regard to exploration, development and seeking approvals from the government. ONGC has taken to production of both oil and gas from the KG Basin in a small way late in 2011.
Meanwhile, in order to boost production, ONGC plans to invest Rs 26,000 crore to develop 10 oil and gas clusters in western and eastern offshore.The investment is expected to augment crude oil production by up to 4 million tonne (mt) per annum by 2013-14.The company aims to produce 40 mt more in the 12th Plan than what it hopes to achieve in the 11th Plan. The target for the 12th Plan is 277 mt of oil and oil equivalent gas.Of that, 144 bcm is gas and balance 133 mt is oil. The combined production of oil and oil equivalent gas of ONGC, including OVL and ONGC’s share in PSC JVs, in 2010-11 has been 62.05 mt.
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