ONGC to put R41,678 cr on new fields

Oil and Natural Gas Corp (ONGC) said it will invest R41,678 crore for bringing to production newer oil and gas ones and redeveloping ageing fields as it looks to boost output. The company, which produced 25.94 million tonnes of crude oil and 23.52 billion cubic metres of gas in 2014-15, is boosting investment to reverse the declining trend in output at the bulk of its ageing fields.