State-owned Oil and Natural Gas Corporation (ONGC) is stepping up Rs 57,525 crore investment over the next three-four years to reverse years of decline in oil and gas production, 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 natural decline has set in. But we are heavily investing in technology to raise recovery as well as tap isolated reservoirs,” he told PTI.
