ONGC to invest Rs.24.65 bn in AssamMarch 5th, 2009 - 10:25 pm ICT by IANS
New Delhi, March 5 (IANS) State-run major Oil and Natural Gas Corp Thursday said it will invest Rs.24.65 billion (Rs.2,465 crore) for revamping oil fields in Assam.
The board of the upstream major approved the investment for the first phase of renewal of the Lakwa and Lakhmani surface facilities in the northeastern state, a company statement said.
The project will allow the company to continue its operations in the field for another 25 years. Other ONGC assets in Assam will also be revamped in a phased manner.
Besides, the ONGC board also approved $206 million for two different development projects in the western offshore field of Panna and Mukta.
ONGC has set up a joint venture with Reliance Industries Ltd and British Gas India to develop the Panna-Mukta fields.
The board was also notified of five new discoveries, including a significant find in Tripura.