ONGC Said to Plan $5 Billion Spending to Boost Gas Output 60% in Six Years - Bloomberg

Oil & Natural Gas Corp. , India’s biggest energy explorer, plans to spend a record $5 billion to develop gas fields to boost output by almost 60 percent in six years, two people with direct knowledge of the matter said.

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The New Delhi-based explorer sought permission from the country’s oil and gas regulator on July 16 to invest the funds in nine natural gas discoveries off India’s east coast to produce 35 million cubic meters a day by 2016, one person said, declining to be identified before the Directorate General of Hydrocarbons approves the plan.

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The amount is triple ONGC’s planned spending on its largest oil field and follows the government’s decision in May to double the price at which the explorer sells gas. India is ramping up gas output at the fastest pace in the world, according to BP Plc’s 2010 Statistical Review of World Energy, after companies including Reliance Industries Ltd. discovered new fields.

ONGC Said to Plan $5 Billion Spending to Boost Gas Output 60% in Six Years - Bloomberg