India will see an investment of about $20 billion in gas field development in the next 5-7 years and is looking to boost usage of the green fuel and double consumption, Oil Minister Dharmendra Pradhan has said.
The investment will be primarily in developing natural gas discoveries by state-owned ONGC and Reliance IndustriesBP joint venture off the east coast, the minister said. ´We are now expediting production of gas from domestic sources to the extent of 20 trillion cubic feet from already discovered sources through policy, fiscal and regulatory mechanism. These fields and the current auctions of Discovered Small Fields are going to add to the domestic supplies in the next 3-4 years,´ he said.
ONGC is lining up $5.07 billion to produce over 16 million standard cubic metres per day of natural gas from a set of discoveries in its Krishna Godavari basin KG-DWN-982 block.