BENGALURU (Reuters) – India’s top exploration company, Oil and Natural Gas Corp, will invest $3.5 billion over the next three-four years to boost output from its western offshore assets, Pankaj Kumar, head of offshore assets, said on Tuesday.
These assets are currently producing 41.5 million cubic meters a day (mmscmd) of gas and about 260,000 barrels per day (bpd) of oil, he said at the India Energy Week event in Bengaluru.
India, the world’s third-biggest oil importer and consumer, wants its companies to quickly monetise their oil and gas reserves to cut its import bill.
