ONGC To Invest Rs 13,000 Crore In Assam
Casing lies on the ground in front of the drill rig at a pilot gas well site near Blackpool, U.K. (Photographer: Matthew Lloyd/Bloomberg)

ONGC To Invest Rs 13,000 Crore In Assam


Oil and Natural Gas Corporation announced it will invest more than Rs 13,000 crore in exploring oil and gas by drilling over 220 wells across Assam in the next five years.

The company said in a statement that it has signed an Memorandum of Understanding with the Assam government for enhancing its exploration and production activities in the state.

The investment is being made for drilling more than 220 oil and gas wells across the state, the statement said.

"ONGC is giving impetus to its activities in alignment with the prime minister's call for reducing import by 10 percent by 2022 and Northeast Hydrocarbon Vision 2030," it added.

Also read: BQ Survey | India May Cut Domestic Gas Price By Most In Three Years

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.