Growth rate higher than global average
The growth rate was higher than the global average of 3-4 percent year-on-year. The month of November in the last fiscal saw the highest-ever gas production in the six-decade-old history of the oil PSU as production reached 71 million standard cubic meters per day (mmscmd). The rise in production can be attributed to C-26 Cluster fields, Daman and Vasai East fields in the western offshore as well as sub-sea well S2AB in the eastern offshore, Shanker said. He added that gas sales in 2018-19 also saw an impressive rise as sales stood at 20.472 BCM against the sales of 19.494 BCM in 2017-18.
ONGC to spend Rs 57,000 cr on KG Basin project
ONGC now plans to invest Rs 57,000 crores — which makes for one of the highest investments in the world in gas projects — in the high potential KG-DWN-98/2 project in the Bay of Bengal and on developing other discoveries located off the west coast.