New Delhi, Oct 31 (UNI) State-run Oil and Natural Gas Corporation (ONGC) today said it will invest Rs 4,000 crore on the redevelopment of its northern oilfields at Mumbai High.
''We will seek board's approval for investing around Rs 4,000 crore for redevelopment of Mumbai High North oilfields after which the crude production will increase by 3.5-4 per cent,''company's Director (Offshore) N K Mitra told reporters.
The current production of 2,54,000 barrels per day will be scaled up by 18 per cent to 3,00,000 barrels per day by end of next year, Mr Mitra added.
The company will be investing Rs 10,000 crore in every five years to maintain the production levels at Mumbai High, he said, adding that on a medium term the production level will be maintained at 2,50,000 barrels per day.
Regarding the redevelopment of southern oilfields, he said, tenders have been floated and platforms will arrive by 2009-10.