ONGC to invest USD2 billion in Mumbai offshore to raise oil and gas output

The Oil and Natural Gas Corporation (ONGC) will reportedly invest over $2 billion in drilling a record 103 wells on its main gas-bearing asset in the Ar­a­­bi­an Sea, as it pivots a turnaround plan that will add 100 million tonnes (mt) to production. ONGC has three main assets off the west coast – Mumbai High, Heera and Neelam, and Bassein and Satellite – which contributed the bulk of 21.7 mt of oil and 21.68 billion cubic metres of gas it produced in 2021-22. It has named a record 103 locations for drilling of wells on the Bassein and Satellite assets over the next two to three years.