State owned ONGC is likely to spend about Rs 65,000 crore over the next three years to ramp up production and development of its fields, including those in the KG Basin.
Production will be ramped up in 13 field development projects and three enhanced oil recovery/improved oil recovery (EOR/IOR) projects, a research report of Motilal Oswal said.
“The 13 field development projects are expected to generate around 40.9 million tonnes (mt) of oil, 8.3 mt of condensate and about 105.5 billion cubic metres (bcm) of gas over the next three to four years, while the three IOR/EOR redevelopment projects will add around 13.7mt of oil and about 8.7bcm of gas,” the report said.
