ONGC to invest Rs 5700 crore in Bombay high; stock gains

MUMBAI: Shares of ONGC moved higher after the company said it will invest over Rs 5,700 crore in redevelopment of its giant Mumbai High (North) oil and gas field off the west coast.

The project will yield an incremental 6.997 million tonnes of crude oil and 5.253 billion cubic metres of gas by 2030.

The project is designed to carry forward the success of the previous two editions of redevelopment projects of the fields that were discovered four decades ago. This will give a new lease of life to the giant field.

The project cost includes Rs 2,586.42 crore in creation of surface facilities, Rs 1,992.11 crore in new oil and gas wells and Rs 1,127.94 crore in sidetracking of existing wells.

At 10:00 a.m.; the stock was at Rs 417.45, up 1.56 per cent, on the BSE. It touched a high of Rs 419.65 and a low of Rs 415.40 in trade.