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01/03/17
India’s state-run Oil and Natural Gas Corporation (ONGC) has approved investment in five oil and gas projects, which will boost production in the country.

The five projects include the development of the R-Series fields and a revival of the R-12 (Ratna) field, as well as the redevelopment of the Santhal field, and 4th phase development of the NBP field. ONGC is investing 73.27 billion rupees in the various projects.

It expects the R-Series fields to start producing oil in 2018-19, realising production of 14,583 barrels of oil per day (bopd). This particular project will involve drilling 31 wells, installing five new platforms and reviving one other platform.

The company also plans to drill six new wells as part of the 4th phase development of the NBP field, with the scheme expected to deliver peak oil production of 4,890 bopd by 2019-20.

In addition, ONGC will develop the B-147 field and the BSE-11 block, both of which are in the Bassein and Satellite Asset.

Earlier this month, Oilprice.com reported that India’s demand for oil climbed in 2016, with oil consumption growth hitting 11 per cent.

Citing figures from the country’s Oil Ministry, it noted that the nation consumed 196.5 million tonnes of oil products last year, compared to the 177.5 million tonnes consumed in 2015.

The rise in oil consumption was attributed to a growing urban population and greater use of vehicles around the country as a result of rising incomes.

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