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ONGC Investment in Oil and Gas Industry: Big news related to the country’s top oil and gas producing company ONGC is coming out. This company is going to invest about $ 2 billion to extract crude oil from the sea abroad. The company has made this big plan in view of the increasing demand for oil and CNG gas in India. This will help a lot in the country’s oil and gas sector. Know what the company has said about this.
Excavation of 103 wells will be spent
Oil and Natural Gas Corporation (ONGC) company is planning to drill 103 oil wells in its main gas field in the Arabian Sea. ONGC is investing about $ 2 billion for this. An ONGC company official says that with the digging of 103 wells, the total production is expected to increase by about 100 million tonnes. This will help a lot in the country’s oil sector.
These are the main assets
ONGC currently has the responsibility of the west coast, where the company has 3 main assets. This includes Mumbai High, Heera and Neelam and Vasai and Far oil and gas fields. The company had produced 21.7 million tonnes of oil and 21.68 billion cubic meters of gas in the year 2021-22. Currently, ONGC is producing two-thirds of the total oil and gas produced in the country. Also, the increased production will help reduce the country’s import dependence for energy needs.
What did the company say?
ONGC director Pankaj Kumar says, “We have targeted to drill 103 wells in the Vasai and Sudur (B&S) oil and gas fields in the next 2-3 years. He said that, we hope that this will increase the production of oil and oil equivalent gas by more than 10 crores. More than $2 billion is being invested in this process.
85 percent oil is being imported
Right now about 85 percent of crude oil is being imported in the country. It is converted into fuels like petrol and diesel in refineries. That’s where almost half of the natural gas is produced. It is being used by converting it into electricity, making fertilizers, converting it into CNG and converting it into cooking gas (PNG) that reaches homes through pipes.
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