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ONGC said on Thursday that the company will invest ₹5,219 crore in the Daman development project to enhance natural gas and condensate production from the Tapti Daman block in the Western offshore.
“The investment decision has been approved by the board of ONGC in its meeting here,” the company said in a statement.
The peak production rate is expected to hit 8.35 mmscmd and 9,286 barrels of condensate a day by July 2016.
“The cumulative production till 2034-35 is pegged at 27.67 billion cubic meters of gas and 5.01 million cubic meters of condensate. The gas and condensate will be evacuated to Hazira through Tapti Process facilities of the Tapti-JV,” ONGC’s statement added.
The investment decision comes immediately after the ONGC board approved investing ₹5,813 crore for Mumbai High South Redevelopment project at its previous board meeting.
On Thursday, ONGC’s shares closed 1.73 per cent higher on the BSE at ₹435.15.
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