Targeting a recovery rate ratio of 40% from its current 32% RRR, public sector oil and gas major, ONGC has lined up a Rs 6,300 crore investment for launching the second phase of exploration activity in Mumbai High south field.
ONGC CMD R S Sharma told reporters in Chennai on Friday the board has given Rs 5,700 crore approval on October 3 this year for implementing the project over a five year period. The magnitude of the full investment of Rs 6,300 crore is inclusive of the past approvals.
Presenting an overview of the various exploration & production activities, the CMD on his first visit to Chennai after taking the reins, said managing the mature fields required a different approach. The first phase of Mumbai High offshore project, which entailed an investment of Rs 5,200 crore, has been completed 19 months ahead of schedule.
More : economictimes.indiatimes.com
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