• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 23 hours The United States produced more crude oil than any nation, at any time.
  • 10 hours China deletes leaked stats showing plunging birth rate for 2023
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Bad news for e-cars keeps coming
Uzbekistan's Bid for WTO Membership Hinges on Major Trade Reforms

Uzbekistan's Bid for WTO Membership Hinges on Major Trade Reforms

Uzbekistan takes significant steps toward…

OPEC’s Trillion-Dollar Bet Against U.S. Shale

OPEC’s Trillion-Dollar Bet Against U.S. Shale

OPEC's strategy to defend market…

India’s ONGC Plans $1.1B Investment To Ramp Up Oil, Gas Output

India’s top oil and gas explorer, state-run Oil and Natural Gas Corporation (ONGC), approved on Thursday investments of US$1.1 billion (73.27 billion rupees) to develop five oil and gas projects that would raise the country’s oil and gas production.

More than half of the investment will go to the development of the R-12 (Ratna) field, expected to start producing oil by 2018/19. ONGC expects the field’s peak production rate of 14,583 bopd to be reached in 2019-20. As part of the development plan, 31 wells will be drilled and completed, the company said.

The other projects are the redevelopment of the Santhal oil field of Mehsana Asset in North Gujarat; the B-147 field, as a part of Bassein & Satellite Asset in Western Offshore; the BSE-11 Block in Bassein and Satellite Asset; and the 4th phase development of NBP field in Bassein and Satellite Asset.

Last September, ONGC said it would invest US$5.1 billion (340.12 billion rupees) over the next four years in the development of a deepwater oil and gas block off India’s east coast.

India is seeking to boost domestic production as it is trying to reduce its dependence on oil imports as oil demand continues to grow.

Related: EIA Reports Minor Build In Crude Inventories, Draw In Gasoline Stocks

Last year India’s oil consumption growth reached a record-level 11 percent as an increasing urban population with rising income fueled greater use of cars, trucks, and motorbikes. Demand growth is seen rising further as the growing population and more urbanized population further drives India’s oil demand. Currently, more than 80 percent of India’s oil needs are met by oil imports.

This year, for the third year in a row, India’s oil demand growth will outpace China’s, S&P Global Platts said in its Oil and Gas Outlook 2017 in early January. Platts Analytics expects a 7-percent rise to 4.13 million bpd in Indian oil demand, compared with a 3-percent rise in Chinese oil demand to 11.50 million bpd this year.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News