New Delhi: State-owned Oil and Natural Gas Corporation (ONGC) is stepping up a USD 7 billion investment over the next three-four years to reverse years of decline in oil and gas production, the company's director for production Pankaj Kumar said. "Up to 24 field development, enhanced oil recovery (EOR), and improved oil recovery (IOR) projects are currently in progress that will further help reverse the declining trend in oil and gas production. Most of our fields are old where the natural decline has set in. But we are heavily investing in technology to raise recovery as well as tap isolated reservoirs," Kumar said.

ONGC is investing more than USD 5 bn in development of Cluster-II

ONGC is investing USD five billion-plus in the development of the Cluster-II region of its flagship KG-DWN-98/2 asset in the Krishna Godavari basin offshore India's eastern coast. It also has multiple field developments in the west coast region, including a planned fifth phase of the redevelopment of Mumbai High along with the development of neighbouring fields like Daman, he said, adding these ongoing projects involve an investment of Rs 60,000 crore (more than USD 7 billion) over the next three-four years.

"We are investing in multiple enhanced oil recovery (EOR) and improved oil recovery (IOR) projects," he said. "In the fiscal year ending March 31, we managed to arrest the decline in output after five years, and from the current fiscal we will see production rising," he added.

Western and Eastern coast developments

Kumar said, "Some of the key developments being targeted by ONGC on the western coast region include additional developments of the Ratna & R Series and North Tapti fields as well as the development of upside potential of Daman field and development of Cluster 9, BS-17 field, MB-0SN-2005/1 and four contract areas that the company got in discovered field licensing round. We are working on the fifth phase of Mumbai High redevelopment that will add 12,500 barrels per day of peak production," he said. Further, Kumar said while highlighting the eastern coast developments that ONGC is looking to develop the Cluster 1 project in the block.

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