ONGC to invest over Rs 7300 crore to develop R-series fields

To increase the oil and natural gas production and reduce dependency on imports, the government-owned Oil and Natural Gas Corporation will invest Rs 7327 crore in development of R-series fields. ONGC’s plan of investment is in line with government’s aim to increase public investment for stimulating the economy.
 
The capital spending approved on Thursday will be invested in western offshore fields, including Ratna, which was restored by ONGC last year after government dropped its plan to give it to private players.
 
The investment will result in output of 8.4 million tonnes of oil and 1.7 million cubic metres of natural gas during its life. The peak production will commence in 2018-19 and reach the rate of 14,500 barrels per day.
 
The project includes drilling and completion of 31 wells, installation of five new well platforms and revival of one platform. The project is expected to be completed by May 2021.
 
When oil explorers around the world are planning for cuts in spending and oil prices are still facing downward headwinds, Indian companies are taking advantages of low cost oil and natural gas field services to enhance the production capacities