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ONGC is going to invest over Rs 21,500 crore for developing India’s deepest gas discovery by 2022-23.
During last year, Oil and Natural Gas Corp (ONGC) had firmed up an investment of Rs 34,012 crore in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), and now aims to invest another Rs 21,528.10 crore for developing the ultra-deepsea UD-1 find.
ONGC Director (Offshore) Tapas Kumar Sengupta has said that “We have submitted to the Directorate General of Hydrocarbons a declaration of commerciality (DoC) for the UD-1 find. We will submit a final investment plan, called the field development plan, be end-2017 and hope to bring the discovery to production by 2022-23.”
