ONGC board approves investment for additional facilities

Oil and Natural Gas Corp (ONGC) approved an investment of about Rs 3,500 crore for putting in additional facilities at its oilfields in Assam and Western Offshore to boost output and also reported five oil and gas discoveries.
The board of ONGC approved an investment of Rs 2,456.15 crore for re-engineering and revamping the surface facilities at Lakwa and Lakhmani oilfields in Assam, the company said.

The revamp of the surface facilities, which are more than 30-40 years old, and associated pipeline network would sustain production and uninterrupted exploitation for the next 25 years.
"The revamping and renewal of surface facilities in the other producing assets in Assam will also be taken up in a phased manner," it said.

The board also approved an investment of $ 131.60 mm (Rs 658 crore) in development of PK and South West Panna areas in the Panna/Mukta oilfield in western offshore.
The project involves a total investment of $ 329 mm, of which ONGC would have to bear 40 %, the same as its stake in the field. BG Group and Reliance Industries have 30 % a piece in Panna/Mukta and Tapti oil and gas fields.