Oil and Natural Gas Corp (ONGC) on Friday said it will invest over Rs5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.
The project will yield an incremental 6.997 million tonnes of crude oil and 5.253 billion cubic metres of gas by 2030, the company said in a statement here."The board of ONGC approved the proposal for redevelopment of its giant offshore field - Mumbai High (North) involving a capital investment of Rs5,706.47 crore, including foreign exchange component of Rs 4,421.76 crore ($743.15 million at exchange rate of Rs59.50 to a US dollar)," it said.
The project is designed to carry forward the success of the previous two editions of redevelopment projects of the fields that were discovered four decades ago. This will give a new lease of life to the giant field.